Commercial Umbrella Insurance

What is Commercial Umbrella Insurance?

Commercial Umbrella insurance gives you extra coverage to help pay for costs that exceed certain liability policy limits. Without this type of insurance coverage, you'd have to pay out of pocket for liability claims that cost more than your coverage limits. This can include

  • Legal costs
  • Medical bills
  • Damage to other people's property
  • Judgments and settlements

How Does Commercial Umbrella Insurance work?

A commercial umbrella policy extends the limits of some of your primary liability insurance policies, such as general liability insurance and Business Automobile Insurance.

Let's say one of your employees gets into a car accident while running a business errand or delivering something to a customer's home. The property damage and bodily injury costs exceed your business commercial auto liability or non-owned auto liability limits. If you don't have a commercial umbrella policy, you'd have to pay the amount that exceeds your policy limit, putting your business at financial risk. For this reason, it is very important to have umbrella coverage.

What Does Umbrella Insurance Cover?

A commercial umbrella policy can help cover claims of:

  • Bodily injury, whether it's an injured customer or employee
  • Property damage your business causes to someone else's belongings

Be aware that commercial umbrella insurance provides additional coverage on top of your general liability policy. So, if you don't have general liability insurance, you won't be able to get commercial umbrella insurance.

Commercial Umbrella limits

Insurance companies write umbrella policies with aggregate limits. These limits can range from $1 million to $15 million. This means your insurance company will only cover claims up to that amount.

What Is Not Covered By Umbrella Insurance?

Commercial umbrella insurance doesn't cover every kind of claim. It also doesn't extend the limits of certain types of policies, like commercial property insurance.

Who should purchase Commercial Umbrella Insurance?

Typically, the more your business interacts with clients and customers in person, and the more you or a member of your staff is using a vehicle for business needs, the higher your liability risk. If you think the cost of a claim could exceed your liability limits, buying commercial umbrella insurance, before a claim happens, is a good idea. This coverage can help if your business:

  • Frequently interacts with customers
  • Works at someone else's property or premise
  • Uses vehicles for business operations

How to get a Commercial Umbrella quote

We make it quick and easy to get a commercial umbrella quote. Call us today at (800) 272-1249 and we can make sure you are protecting your business with the right umbrella coverage!