What is Commercial Umbrella Insurance?
Commercial umbrella insurance provides an extra layer of liability protection by covering costs that go beyond the limits your other liability policies – like your General Liability and Auto Liability. In other words, commercial umbrella insurance complements your other liability coverages by taking over when your other liability coverage limits have been reached.
For example, if your company is found liable for a customer’s injury at your place of business and you are sued for more than the limits on your General Liability policy. Or one of your employees gets into a car accident while making a delivery to a customer. The property damage and bodily injury costs exceed your business’ commercial auto liability limits. If you don’t have a commercial umbrella policy, you’d have to pay the amount that exceeds your policy limit, putting your business at financial risk.
That’s why it’s important to have umbrella coverage.
What Is Not Covered By Commercial Umbrella Insurance?
Commercial umbrella insurance doesn’t cover every kind of claim. It is a liability policy and therefore does not extend the limits of commercial property insurance.
Let's say a fire significantly damages your business’ equipment. The cost to replace and repair your property exceeds your commercial property coverage limits. You’d have to cover the difference out of pocket because commercial umbrella insurance doesn’t cover business property claims.
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