A commercial umbrella policy, also known as additional liability coverage, is designed to protect your business against liabilities you can’t plan for — like lawsuits. Though these scenarios seem unlikely, they can place your business at significant risk if it becomes the target of a lawsuit. Not sure if this additional coverage is right for you? Reach out — we are here to help!
Here are some examples of commercial umbrella coverage in action:
- An incorrect advertisement is printed that results in losses for your clients. They hold you accountable, and the costs exceed your existing liability coverage.
- A client’s personal property is damaged during a photo shoot, which is not considered a business expense by your primary policy.
- Someone trips on the carpet and falls at your store or office. The medical costs of their injuries could exceed your general policy limits.
- Your employee is at fault for an accident that occurs in a company owned vehicle — and multiple cars were involved. Your auto repair policy does not cover the combined medical and damage costs for those victims.
So how does it work?
The flexibility of commercial umbrella policies makes them ideal for extending coverage for a variety of claims. As you can tell, this is a huge deal given the range of risks that go along with running any kind of customer-facing operation. By insuring yourself this way, you are reducing the out-of-pocket costs for legal expenses, medical costs, damages and other expenses that could result from claims made against you.
Commercial umbrella insurance makes it easy to add protection for your business assets. Don’t let a random occurrence put your assets at risk — you’ve worked hard for them. Contact us today.