What is Commercial Umbrella Insurance?
Commercial umbrella insurance picks up where other business liability insurance stops. Without umbrella coverage, if a claim exceeds the limits of a typical liability policy, you or your business must pay the remaining expenses out of pocket.
A business umbrella policy is an added level of protection that will cover the costs of claims beyond traditional liability coverage.
What Does Commercial Umbrella Insurance Cover?
Like any other type of insurance, commercial umbrella policies do not cover everything. Typical umbrella insurance covers legal expenses, damages, and medical bills that exceed the limits of your underlying liability policy (general liability, commercial auto and/or workers compensation).
Umbrella policies, however, do not extend the coverage of your property insurance. If unforeseen circumstances result in damaged company property, your commercial umbrella policy will not apply to business property claims.
Who Should Have a Business Umbrella Policy?
Businesses that frequently interact with customers should strongly consider retaining a business umbrella policy. Liability risk increases when employees work on different job sites or customers visit your business location.
Additionally, if your business operations include employees using heavy machinery and equipment, you should also consider obtaining business umbrella insurance, as there is a much higher safety risk.
Protecting Your Business
Having the right insurance coverage is crucial in protecting your business. Be sure to talk to your insurance agent about how umbrella policies can keep your business from paying extensive out-of-pocket costs due to liability claims.
Please contact Steve Longenecker (303-808-9351, x2) at Mountain Insurance: Longmont to discuss your business insurance coverage options in Longmont, CO, and our neighboring communities.
We give out $25 gift cards for referrals that become our insurance clients.
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