What is Commercial Umbrella Insurance?

what is commercial umbrella insurance

The more assets your business has and the more public-facing your business is, the more prone it will be to liabilities. What do you do if your business exceeds your general liability policy limits, and you need more coverage? This is when umbrella insurance can be extremely beneficial. 

What is Commercial Umbrella Insurance? 

Commercial umbrella insurance provides an extra layer of protection for general liability, automobile liability, and the employers liability part of workers compensation. 

Why– with lawsuits on the rise around automobile accidents, the demands are becoming substantially higher causing the need for an umbrella policy to protect the business assets.  

What Does a Commercial Umbrella Insurance Policy Cover?

Commercial umbrella insurance covers the same types of costs that general business liability insurance covers such as, bodily injury and property damage. In some instances, it can also cover certain lawsuits and libel and slander claims. 

A great example of this would be if a customer were to slip and fall on your business’ property, and the amount sued exceeds the amount that your general liability covers. An umbrella insurance policy would be able to fill in and make up the difference in cost.

Why Should My Business Get Commercial Umbrella Insurance? 

As stated above, if your company has a large number of assets or frequently interacts with the public, your risk is higher. We suggest that you look into commercial umbrella insurance if you want to ensure that you’re fully covered beyond your liability insurance in the case of an unprecedented circumstance or accident.  

At Snellings Walters, we are here to lead complex businesses to safety and security. If you need some help getting started with what type of insurance your business needs, reach out to us here. We would love to talk! 

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