Your business insurance provides critical legal protection, but in certain cases, it might not be enough. If a particularly costly lawsuit gets filed against your company, you could easily be in need of extra coverage. Fortunately business umbrella insurance is designed to provide this important protection.
This article is courtesy of SouthGroup Insurance and Trusted Choice. You may view the entire article here: https://www.trustedchoice.com/business-insurance/coverage-types/umbrella/
Business umbrella insurance is an extension of the general liability coverage provided by a business insurance or businessowners insurance (BOP) policy. Umbrella policies often start with coverage limits of $1 million. You can even stack more business umbrella insurance on top of that, if necessary.
Basically, business umbrella insurance complements your existing liability coverage. If your company gets slapped with a hefty lawsuit and you exhaust your general liability coverage limit, your umbrella insurance would kick in to help cover the remaining costs, up to the policy's limit.
Businesses that buy umbrella insurance typically:
- Need to extend their liability coverage with an additional policy, or more
- Already have insurance in place but need to bridge the gap on $2 million or higher coverage requirements
- Are at an increased liability risk, such as businesses that get a lot of traffic or have risky operations
Business umbrella insurance covers the following:
- Excess liability: Business umbrella insurance extends the liability coverage limits of underlying policies like business insurance or commercial auto insurance. Umbrella insurance kicks in only once the underlying policy has been exhausted.
- Coverage gaps: Umbrella policies can also be used to cover additional liabilities not covered by regular business insurance or other policy. Libel and slander are common examples.
- Additional limits: Umbrella insurance's limits are based on the limits of the underlying policies. Your business umbrella insurance can include coverage up to its full limit, exclude coverage for sublimited events, or double the sublimit.
We offer the following Lines of Coverage: Workers Compensation, Auto, Home, Life, Health, Disability, Motorcycle, Boat, Wind, Flood, Commercial Property, General Liability, Directors and Officers Liability, Bonds, Group and Individual Life/Health/Dental/Disability/ Vision/Long Term Care, Business Owners, Builders Risk, Commercial Crime, Errors and Omissions, Dwelling Fire, Commercial Flood, Group Accident, Garage Dealers, Inland Marine, Law Enforcement Liability, Pollution Liability, Professional Liability, Personal Umbrella, Commercial Fire, Commercial Umbrella, Excess Flood, Identity Theft, more…
We serve Mississippi, Louisiana, Alabama, Florida, Georgia, Tennessee, Texas and many other states. We specialize in coastal exposures.
Insurance is stressful, but we make saving easy. We help you save money on insurance!
#trustedchoice #southgroup
#southgroup @stateauto @libertymutual @TRV_insurance @safecoinsurance @progressive #savemoney @atreutel #savemoneyoninsurance
