|
For instance, if you have $1 million in General Liability coverage and you have a claim settlement for $2.5 million, your Commercial Umbrella would pick up the additional $1.5 million, plus your legal expenses.
There’s no better investment to protect the time, hard work, and cash that you’ve invested in your business!
AMOUNT OF COVERAGE
Because multi-million dollar judgments are relatively rare, you can buy up to $10 million in Commercial Umbrella coverage for a fairly low premium.
To determine how much coverage you need, consider the amount of risk associated with you business. The volume and success of litigation varies dramatically from state to state. If you do business in a state that seems to favor hefty damage awards, you might be wise to invest in a higher coverage amount.
FEATURES AND COVERAGES
The Commercial Umbrella policy usually includes:
- Worldwide coverage
- Personal Injury
- Blanket Contractual Liability for written and oral contracts
- Non-Owned Aircraft Liability
- Watercraft Liability
- Liquor Law Liability
- X.C.U. Liability
- Automatic coverage for additional insureds
When any of these coverages is included in your underlying (primary) General Liability insurance, it can reduce your premium.
A Commercial Umbrella Policy might also add coverages not offered or limited by your underlying Liability policies, such as Advertising Liability and Care, Custody, and Control Liability. If there’s a claim under one of these coverages, you will pay a Self-Insured Retention (SIR) — similar to a deductible — of at least $10,000 before your Umbrella policy picks up the rest of the tab.
NOTE: The Commercial Umbrella policy does not cover Professional Liability.
|