The
Commercial Umbrella Liability policy is a relatively rare type
of insurance coverage for the average business. It has been
seen as only needed by the very large businesses. Liability
claims and court decisions involving millions of dollars are
no longer uncommon and any business can be found legally
responsible for this type of judgment.
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Can your
business afford a payment of millions of dollars? An Umbrella
Liability policy could be the difference between bankruptcy and
an on-going business venture. The Umbrella policy would take
over where the other business policies stopped, providing
defense coverage and additional limits to pay large judgments.
Contact Portnov Financial and Insurance Services to discuss
securing this valuable form of liability coverage. It could help
preserve your business in the event of a liability claim. Most
businesses eligible for underlying policies are eligible for a
Commercial Umbrella policy.
Commercial Umbrella policies work exactly as their name
implies. They provide a layer of protection above that afforded
by underlying policies. When losses exceed the coverage limits
of standard Business Auto, Business Protector or Commercial
Package policies, Commercial Umbrella policies take effect to
cover the balance (subject to policy limits and other
conditions).
A great deal of coverage is provided through a Commercial
Umbrella policy for a comparatively minimal premium. Coverage
limits typically range from $1 million to $10 million.
Umbrella liability insurance can be purchased separately on the
top of liability limits in your
Business Owners Package. When underlying liability insurance is purchased
as part of a BOP, the coverage limits are generally lower, so
higher risk companies that need more coverage may choose to
purchase umbrella liability insurance as a separate policy.
The amount of coverage a business needs depends on a couple of
factors. Company owners should first consider the amount of risk
associated with their business. The volume and success of
litigation varies dramatically from state to state. If your
business is in California that seems to favor high damage awards
to plaintiffs. You might consider more liability protection.
Taking precautions before an accident can help to keep insurance
premiums down. Following are steps you can take to lower the
probability of a liability insurance claim:
Set a
high standard for product quality control.
Be sure
all company records are complete and up-to-date.
Make sure
employees are properly trained.
Check
with us or another insurance agent to see what safety steps
he/she will
recommend for your particular situation.
