No matter what business you’re in the potential for liability exists in every aspect of your operations. In addition to causing financial loss, such claims can damage your hard-earned reputation and affect the ability to compete. Excess or Umbrella coverage will protect you beyond the standard liability coverage on your existing commercial policies.
Excess Liability Provides Coverage Over & Above limits on Your ‘Primary’ Policies.
The Umbrella policy states that the coverage provided will always be at least as broad as that of the required underlying policies. Umbrella liability provides excess coverage over and above the limits of an insured’s primary policies such as: BOP, CPP, Commercial Auto, and Workers’ Compensation.
The main purpose of this policy is to protect the business and owners who have significant assets. Umbrella or Excess liability coverage can provide protection in certain cases when primary policies might not. When an Umbrella policy acts like a primary policy, the policyholder must first assume a retained limit (deductible) amount before coverage begins. Umbrella liability offers:
- Coverage offered in $1 million increments up to $20 million.