Coverage kicks in when your payout limit is reached.

Most commercial insurance policies have a payout limit, whether they cover commercial liability or commercial property. Normally, your company would be responsible for any expenses that exceed this level. This type of unforeseen cost could jeopardise your company's very survival. A commercial umbrella insurance coverage kicks in only if your primary business insurance policy reaches its payout limit. At that point, the commercial umbrella coverage would cover the remaining costs.

How does the commercial umbrella coverage work?

Assume you have a $500,000 liability insurance policy for your business but must pay $700,000 in damages. If you have a commercial umbrella policy in place for your company, the liability policy would pay out in full first, followed by the umbrella policy picking up the remaining $200,000 in coverage.

What may a commercial umbrella coverage cover?

Legal bills, medical expenditures, and damages for liability issues such as bodily harm and property damage may be covered by your commercial umbrella policy.

Do you require an umbrella policy for your company?

Risk variables to consider include public access to your business, how frequently you work with your clients, and whether you execute work at other sites.

A worthwhile and maybe inexpensive investment.

Because there is a little likelihood that it will need to pay out, commercial umbrella insurance is generally significantly less expensive to obtain than you may imagine. The cost of your insurance will vary depending on the size of your company, the industry in which you operate, and the amount of coverage you already have.

Commercial umbrella insurance may assist you in safeguarding your assets. To discover more about your coverage options, please contact us.