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Commercial umbrella insurance offers an extra layer of protection, stepping in when your primary insurance limits are exceeded. This backup coverage helps safeguard your business against unforeseen, excessive costs that could otherwise threaten its stability.
Most business insurance policies, whether they cover commercial liability or property, have payout limits. Unexpected expenses beyond these limits could jeopardize your business. A commercial umbrella policy activates only after your main policy’s payout limit is reached, covering the excess costs.
Consider a scenario where your liability insurance policy provides $500,000 in coverage, but you are liable for $700,000 in damages. In this case, the primary liability policy would cover the initial $500,000, and the commercial umbrella policy would cover the remaining $200,000.
A commercial umbrella policy can cover costs such as legal fees, medical expenses, and damages related to liability issues, including bodily injury and property damage.
Consider factors like public access to your business, the frequency of client interactions, and whether you perform work at other locations. These risk factors can influence the necessity of an umbrella policy for your business.
Given the relatively low likelihood of a payout, commercial umbrella insurance can often be more affordable than expected. The cost varies based on your business size, industry, and existing coverage levels.
Commercial umbrella insurance is a valuable investment in protecting your business assets. Contact us to explore your coverage options and ensure comprehensive protection.
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