Umbrella Liability Insurance Risk

Your business is unique from others. In fact, there may be no two companies that are exactly alike. Your company has different customers, procedures, locations and services even when compared to other companies who work in the same industry as you. And you likely have dramatic differences from other, completely unrelated companies. A concrete contractor’s company is different from a chiropractor, and both of these vary greatly from a financial advisory firm. It’s these differences that allow your business to thrive, since you’re able to offer many products and services that aren’t available elsewhere. These same differences also mean that you have differing needs for insurance protection, and differing levels of risk in your daily business activities.

Umbrella Liability

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At time, the daily risks you encounter in business will surpass the protection and benefits you’ve put into place, and you find yourself facing imminent dangers. An automotive shop might encounter higher bodily injury risks than his general liability policy provides for. Professional caterers might discover that their liability risks are higher when they offer alcohol at events, and a general contracting company may discover they have higher risks associated with the increased travel associated with their work. Each of these scenarios illustrates how different companies can have widely different coverage needs, and may sometimes find themselves under covered for specific things.

An umbrella insurance policy serves to close gaps in your protection, by providing higher levels of coverage for your company and by potentially providing coverage for risks that your existing policies lack.

How Umbrella Insurance Works

  1. Additional Coverage – An umbrella policy is an extension of your current coverage. If your general liability insurance limits benefits to $500,000 per claim for example, by adding an umbrella policy you could lift that limit to $1.5 million. The amount of the increase is based on your chosen level of coverage, and applies to per claim and total claim amounts.
  2. Broader Protection – Umbrella insurance extends coverage and protection limits of policies you already have in place. A commercial auto insurance policy for example, may only provide protective benefits to your company when events occur within a specified work area. Adding an umbrella policy may allow you to expand that auto coverage so that you can ensure your employees and company representatives are protected from accidents in other areas as well.

Umbrella Extends

Umbrella insurance adds to and extends the protective benefits you receive from your base general liability insurance coverage.

Bodily Injuries – If you’re found liable for physical injuries and harm to another person, umbrella insurance provides you with additional levels of protective benefits if you exhaust your existing policy claim limits.

Property Damages – If your company is found to be liable for personal property damages and the court ordered judgment exceeds your general liability benefit levels, an umbrella policy can help make up the difference.

Products and Completed Operations – If you are accused and taken to court for products sold, or services you provided in the past – and you lose the case – umbrella coverage takes care of expenses and judgments that go above and beyond the amounts provided by your standard general liability policy.

Personal or Advertising Injuries – If your company is sued for personal injuries such as slander, or advertising grievances such as a trademark or copyright violation, umbrella insurance makes sure you’re capable of absorbing the costs and expenses if you are found to be at fault.

Commercial Auto – If your company vehicle causes an auto accident that creates extensive medical bills for other people, your general liability insurance coverage may be quickly exhausted. Umbrella coverage can step in and provided additional benefits above those limits.

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