What is an umbrella in insurance talk?
Umbrella liability insurance for small businesses, also known as excess liability insurance or commercial umbrella insurance, provides additional protection over and above the limits you have on your commercial liability policy and your commercial auto policy. It sits atop these policies hence the name umbrella liability insurance.
How does umbrella liability insurance protect your business?
For a single premium, umbrella liability insurance adds another layer of protection to any of several other policies that you might hold, including general liability, employer's liability, and hired and non-owned auto liability policies. For instance, if you have $2 million in general liability limits and a covered claim is settled for $2.5 million, your small business’s umbrella liability insurance policy would pick up the additional $500,000.
Excess liability insurance is generally the most cost-effective way to obtain higher policy limits on several other small business insurance policies including workers comp.
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Umbrella Liability Insurance is highly recommended for all businesses. In fact umbrella liability insurance should be an essential coverage. What you really should be deciding on is the limits you are going to choose for umbrella liability insurance. That's where we can help you.
