Umbrella Liability Insurance (also known as Excess Liability Insurance) gives you additional coverage when a claim exceeds an underlying policy’s insurance limits. For example, if your General Liability policy provides $1 million in coverage, but your claim settlement calls for $1.5 million, your umbrella policy would cover that additional half-million dollars.
Why do I need Commerical Umbrella Liability / Excess Liability Insurance?
The primary feature of umbrella protection is an additional amount of liability insurance, in increments that is excess over “basic” general liability, automobile liability, and employers’ liability coverage (the company liability part of a workers’ compensation policy).
A critical area is the additional coverage for auto accidents that occur while an employee is driving on company business. The catastrophic results of car/truck accidents on interstate highways and local roads underscore the need by every business for high limits of liability insurance.
Umbrella Liability Insurance coverage is available as part of your Commercial Package as well. A commercial package allows you to bundle needed insurance coverages for your business into one policy. Often times this bundling allows for a discount in price because of the additional policies.
An Example of industries that buy Umbrella Liability Insurance are property owners that rent or lease. There is an influx of people changing alongwith unique aspects to their property like like pools. So, the need for extra coverage is much more prevalent. Let’s talk. Give us a call at (636) 394-9070 or email us at firstname.lastname@example.org.
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