Small Business Umbrella
Excess Liability Insurance / Umbrella
Business insurance is meant to give you the peace of mind that comes with knowing you will be financially protected in nearly any situation. Essentially, it’s there just in case the unimaginable occurs and you suddenly need enough money to pay for anything from property damage and medical bills to lost wages and legal fees. So it makes sense to ensure that your policy has enough coverage to pay for the worst case scenario, and that’s where excess liability insurance comes in. Also known as umbrella insurance, excess liability insurance provides you with more coverage than average. Whether you own a restaurant that needs higher insurance limits after adding alcohol to the menu, or you run a business that needs more coverage to go with its new delivery services, you should look into excess liability insurance.
How Umbrella Insurance Works
Additional Coverage – The reason for adding an umbrella policy to your business insurance is to extend your coverage. For instance, if your general liability insurance limit is $300,000 for each claim, adding excess liability insurance can bring that to $1.3 million. You can choose how much to add, keeping in mind that this type of coverage usually comes in increments of $1 million. In most cases, adding $1 million or even $2 million to your business insurance policy will cost merely hundreds of dollars.
Broader Protection – You can look forward to more extensive coverage when you add excess liability insurance to your current business insurance policy. For instance, if you or your employees travel by car for business and you have commercial auto insurance, your new excess liability policy can expand the area of service. This means you can travel farther and still be covered in case of a car accident.