When other insurance policies have gaps in coverage, umbrella insurance – also known as excess liability insurance – serves to fill those gaps. That makes umbrella insurance highly important for businesses, as it offers protection against claims that could otherwise inflict significant financial hardship.
Any business with limits to its liability insurance policies would be wise to look into umbrella insurance to extend the limits of those policies. Policies that may have gaps include:
Is commercial umbrella insurance worth it for your organization? In almost all cases, the answer is yes. And given that umbrella coverage offers crucial benefits for relatively little cost, odds are, your business can afford the protection it provides. The specifics of the coverage you need, as well as the cost of that coverage, will vary based on the total value of your assets.
Always be sure to discuss your coverage needs with an agent before moving forward, as different insurance policies have different exclusions.
Discuss your business coverage needs with your ProtectALL Insurance agent to get started on finding a policy that works for you and your business.