Commercial Excess/Umbrella insurance is intended to pick up where General Liability, Commercial Auto, or Employer’s Liability policies might leave off. Commercial Excess/Umbrella insurance will add a secondary layer of risk mitigation when other policy limits are reached.
Commercial Excess / Umbrella
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Is A General Liability Policy Enough For My Business?
Having a General Liability Policy may not be enough. Depending on the type of business, it could be at risk from one of the increasing number of lawsuits that are filed each year or some other unforeseen occurrence.
A Commercial Excess policy won’t “kick in” until the other policy limits have been reached.
How much insurance coverage does the business need?
There are a number of factors to consider:
1) The type of business
2) The type of coverage the business has in place already
3) The assets the business is looking to protect
The risks that are not completely covered. Without the proper umbrella coverage, business owners may have to pay out of pocket for lawsuits, medical expenses, or other damages that their current policy doesn’t cover.