As a business owner, you’re going to purchase a number of commercial insurance policies on an annual basis. Each insurer and individual policy will come with different limitations and terms. If you have an agreement with your landlord, a client, or even investors, then you might need to purchase umbrella insurance in order to satisfy their contractual demands. For some, it’s also a great way to save money on buying commercial insurance when the whole package and coverage limits are considered.
If you purchase business umbrella insurance, then you’re essentially buying more liability coverage that may help you, should you require coverage that extends beyond your policy limits. Almost all types of businesses can benefit from buying a commercial umbrella insurance policy.
If you’re left facing a lawsuit that costs more than the limits on your underlying insurance policies, then this type of coverage can significantly reduce any financial stress that may have been placed on your business and its assets.
At Tanna Insurance, we will help you secure the best commercial umbrella coverage for your organization and give you the best levels of protection to make sure your liabilities are sufficiently covered.
Business Umbrella Insurance is broad-level insurance coverage that can help to protect your organization from a range of liabilities. It comes into force when an underlying liability policy reaches or exhausts its limit. When you buy umbrella insurance, your company can access higher policy limits, giving you greater levels of protection from risk, at highly reasonable rates.
You might need to increase your levels of coverage to satisfy the needs of investors, customers, or a landlord.
Buying commercial Umbrella insurance is a quick and easy way to reduce your risk over a wide range of liabilities with a single additional premium.
If you stick with the standard limits on your commercial insurance policies, you might be financially exposed in the event of a significant lawsuit that exceeds those limitations. If the policy limits are reached, then it’s up to the policyholder to raise the money to cover the rest of the payment.
Compared to raising the individual limits on your other commercial liability policies, umbrella insurance will cost you less, while giving you the extra coverage you need.
As we’ve already mentioned, this type of commercial coverage acts as a broad layer of protection that extends the limits of primary liability policies. Coverage from umbrella insurance has something called an ‘aggregate limit’, which will usually range between $1-$5 million, and in some cases, even higher than this. However, Umbrella insurance does not cover each and every type of liability that you might face.
Business Umbrella Insurance can cover liability claims and lawsuits when they don’t result in legal action. The primary insurance policy will need to meet with any connected costs of a claim up to the limits of the policy. But in the event that the individual who files the lawsuit gets awarded a greater amount than the policy limits, this is where an umbrella insurance policy would be accessed in order to cover the remaining cost of the lawsuit.
Most commercial umbrella insurance will not give you coverage for workers compensation, product recalls, professional liability, employment practices liability, war, and terrorism, or asbestos-related claims.
As an independent insurance agent,we understand the intricacies of commercial umbrella coverage, and our team is always happy to answer any questions you might have.
Buying commercial liability insurance is essential for your personal and professional protection. With so many types of insurance to review, it’s easy to come unstuck or get overwhelmed by the details. As your local commercial insurance agent in Woburn, we offer a personalized service, and we build insurance packages that are tailored to your individual needs.
We’ve been in business for over twenty years with industry experience of over forty. Here are just a few reasons why clients enjoy doing business with us.
If you want to work with an insurance agent you can trust, the team at Tanna Insurance can help you protect your business, your people, and your assets.