Commercial Umbrella Liability Insurance brokers and agents deliver simplicity for your business.
Umbrella liability insurance is a type of extra liability coverage that helps protect businesses from claims that exceed the coverage of their existing policies. It helps provide additional protection for businesses from a variety of risks and liabilities, including injury to third parties, property damage, and advertising liability.
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This comprehensive guide to Commercial Umbrella Liability Insurance from CIA will cover the basics of umbrella insurance, why businesses need it, what it covers, and how to get the best coverage for your business.
What is Umbrella Liability Insurance?
Umbrella liability insurance is a type of extra liability coverage that helps protect businesses from claims that exceed the coverage of their existing policies. It provides an extra layer of protection for businesses that may be exposed to higher-than-normal levels of risk. For example, if a business is found liable for a claim that exceeds the limits of its general liability policy, umbrella liability insurance can help cover the additional costs.
Umbrella liability insurance is different from general liability insurance in that it provides broader coverage and higher limits than general liability. It also covers claims that are excluded from general liability policies, such as libel, slander, and other forms of personal injury.
Why Do Businesses Need Umbrella Liability Insurance?
Umbrella liability insurance is important for businesses to have because it provides an extra layer of protection from lawsuits and other claims that exceed the limits of their existing policies. It can help cover costs for claims such as libel, slander, and other forms of personal injury, which are not typically covered under general liability policies.
In addition, umbrella liability insurance can help businesses stay protected from large jury awards and judgments, which can be financially devastating for businesses. Without the extra coverage provided by an umbrella policy, businesses may be left responsible for all costs associated with a claim that exceeds the limits of their general liability policy.
What Does Umbrella Liability Insurance Cover?
Umbrella liability insurance provides coverage for a variety of risks and liabilities, such as injury to third parties, property damage, and advertising liability. It may also cover certain types of damage caused by employees, including libel, slander, and other forms of personal injury.
In addition to the risks and liabilities mentioned above, umbrella liability insurance may also provide coverage for medical payments and legal defense costs if a business is sued. This type of coverage is especially important for businesses that operate in states with high jury awards and judgments, as it can help protect them from financial ruin.
How to Get the Best Coverage for Your Business
The best way to get the best coverage for your business is to work with a reputable insurance agent. At Commercial Insurance Agencies (CIA), we specialize in helping businesses find the right coverage for their unique needs and situations. Our team of experienced agents will work with you to assess your risks and find the right coverage to meet your needs.
We can help you find coverage specifically tailored to your business, such as property and casualty insurance, workers’ compensation, and umbrella liability insurance. We can also help you determine the best limits and deductibles for your policy, and make sure that you are getting the best coverage for the best price.
Umbrella liability insurance is an important type of extra coverage for businesses, as it helps provide protection from claims that exceed the limits of their existing policies. It can also provide coverage for certain types of damage caused by employees, such as libel, slander, and other forms of personal injury. Businesses should work with a reputable insurance agent to find the right coverage for their unique needs and situations. At Commercial Insurance Agencies (CIA), we specialize in helping businesses find the right coverage for their unique needs and situations. Contact us today to learn more about our services and get started on finding the right coverage for your business.