Like a personal umbrella policy, a business umbrella policy will cover a catastrophic loss and can save a business from huge financial distress. Often, it can be the difference between staying open and closing your doors.
If you are on the higher end of the risk scale and already have general liability insurance, opting for excess insurance or umbrella insurance will increase your coverage limits. This will cover you in situations if your existing coverage won’t cover all your costs if someone wins a claim against you.
Be sure to do your industry research before you invest in any policy. Sometimes, a client contract will require that your business has the appropriate coverage or umbrella insurance to perform work on their behalf. Likewise, some construction contractors may add you to their general liability policy as an additional name to be insured for the duration of the project.
Getting the Best Commercial Umbrella Insurance
Cross Insurance Agency is an independent agency, which means our primary objective is getting you the best insurance coverage possible within your budget. We have over 24 years of insurance experience, so our licensed agents have seen nearly everything when it comes to commercial umbrella insurance.
Other companies make it hard to find any information or to manage your policy. At Cross Insurance Agency, we make it easy to find answers and manage your account via our website and out mobile app. We want you to be able to make informed decisions regarding your insurance!
Get a quote from a Cross agent today to get the best insurance and the best support possible!
Even if you never face a lawsuit, having an umbrella policy will protect your assets from other calamities. An umbrella policy may also pay claims that are not typically covered by other personal policies.
Looking for a Personal Umbrella Insurance? We have that too, along with plenty of other options for all your insurance needs.
Who needs a commercial umbrella insurance policy?
Umbrella insurance gives you protection above and beyond your standard insurance policy, making it essential if it’s more likely you’ll have to file a claim due to damages or legal trouble.
If your employees frequently work off-site, or if you have a large number of customers or clients on your property, umbrella insurance is a wise plan to protect you if accidents happen.
What exactly is an umbrella policy?
An umbrella policy is a type of liability insurance. Liability insurance is there to protect your assets from being taken due to a judgment. If there is a judgment that is rendered against you that isn’t covered by the liability policy or exceeds the policy’s limits, you may be required to liquidate assets to raise the money to pay the judgment.
This is where an umbrella or excess insurance policy becomes a necessity. Umbrella and excess insurance policies are designed to be additional layers of coverage above primary insurance policies.
This insurance provides additional coverage after an underlying liability policy has reached its limit. It may cover any claims that would have been covered in the underlying policy. However, it excludes any claims the underlying policy did not cover. It essentially follows the same rules as the underlying policy.
In a nutshell, excess insurance does not affect the terms of your underlying policy, but instead provides additional limits.
Umbrella insurance coverage is a type of excess liability insurance that also offers higher liability limits and broadens coverage for things that an underlying policy might not cover. For instance, an umbrella policy could extend coverage to include worldwide coverage. It also covers injury to others or damage to their possessions, but it does not protect your property.
Essentially, umbrella insurance is a broader type of excess insurance that can cover additional situations outside the scope of the underlying policy.
What are the limits available for umbrella insurance? What’s not covered?
Typically, umbrella insurance policies are available in $1 million – $3 million policies. They tend to go by million-dollar segments, so the smallest coverage is $1 million. Higher coverages than that aren’t common.
However, that doesn’t mean it costs that much per year to have that amount of coverage – talk to your Cross Insurance agent to see how much you’d pay on average for an umbrella policy.
As with many insurance plans, your general liability policy will outline the maximum amount the insurance company will pay against a liability claim.
Outside of anything not included in your policy, umbrella insurance doesn’t usually cover
How much umbrella insurance should I get?
According to WalletHub, your umbrella insurance should have enough coverage to protect the entire value of all your assets once it’s combined with your primary liability insurance.
In what situation would an umbrella policy come in handy?
Umbrella insurance is useful in many situations involving clients or lawsuits. Here is one example:
Say your small business gets sued for $250,000 for medical costs associated with an injury caused by a worksite hazard, plus an additional $100,000 in legal fees, but your coverage maxes out at $300,000, then you are responsible for paying the difference of $50,000.
As you can see, umbrella insurance is great for situations involving legal fees, medical bills, or third-party property damage. If you are at higher risk for accidents or have a lot of customers on your property, getting umbrella insurance is strongly recommended.
Why should I choose Cross Insurance Agency to help me find commercial umbrella insurance?
Cross Insurance Agency has years of insurance experience and friendly, licensed agents who can help you with all your insurance needs. Here at Cross Insurance Agency, we always strive to be:
What does the process of getting commercial umbrella insurance look like, and how long does it take?
The first step is getting a quote followed shortly by a call from an agent. You and your agent will discuss how much umbrella insurance you need and how much you’re willing to spend.
After you talk to one of our licensed agents, you’ll have all the information you need to consider which commercial umbrella insurance policy you’d like to purchase.
What do I need to purchase commercial umbrella insurance?
Your agent will need some information to help you get umbrella insurance:
Your agent will walk you through anything else you need to provide to get the right insurance.
If you have questions about auto insurance or Cross Insurance Agency, you can contact us via a phone call, text, or email. You can also use our booking website to schedule a visit.
Or, if you need to manage your policy, you can use our client self-service portal or our mobile app. We’re here for you whenever you need!