Get Fully Protected with Commercial Umbrella Insurance in PA, OH and NJ
With liability lawsuit awards and defense costs rising, will your existing
insurance be enough to cover you if you face paying catastrophic-level
While your existing commercial liability policies will likely be sufficient
to cover you in most instances, there's always a chance that your policy
limits might be breached by a major claim.
So, for example, if your commercial general liability policy has a $1m cap
but a lawsuit results in $1.5m of awards and costs against you, that extra
half million would be coming out of your pocket.
In many cases that could threaten the survival of a business. Which is why
growing numbers of small businesses and commercial/apartment building
owners are turning to the simple and low-cost solution of commercial
What Is Commercial Umbrella Insurance?
It's a form of excess liability insurance, which kicks in once the coverage
in your existing, standard liability policy has been exhausted. So, in the
case quoted above, commercial excess umbrella insurance would pay that
additional half million dollars.
It protects you against the extra costs of claims, medical bills and
defense for a wide range of liabilities such as causing bodily injury,
property damage and other risks like slander and malicious prosecution.
It may also provide valuable coverage against certain liability risks that
are not included in your standard policy.
You must already have a standard policy, such as commercial general
liability insurance, employers liability insurance, commercial auto liability insurance or a BOP, before you can get an umbrella policy.
Furthermore, there are some types of liability insurance that cannot be
extended through an umbrella policy. The experts at Definitive Insurance
can help you with this.
Who Needs Commercial Umbrella Insurance?
This type of coverage is particularly suited to businesses exposed to
unforeseen and unexpectedly high liability claims including commercial
building umbrella insurance and apartment building umbrella insurance.
But it's a valuable safety net for almost any type of business. A no-cost
discussion with the experts at Definitive Insurance Solutions will quickly
identify your risk exposure and the cost of excess liability insurance
How Much Does Commercial Umbrella Insurance Cost?
Because the chances of a lawsuit claim exceeding your standard coverage may
not be high, umbrella coverage is available at a relatively low cost. Yet,
for a business, it can make the difference between survival and disaster.
The actual cost will depend on a number of factors such as the size and
type of your business, the perceived risks of a liability claim, past
claims history and so on -- plus, of course, the amount of coverage you
need (usually $1m to $2m but up to $30m).
The median cost for $1m of umbrella coverage is around $600. The general
range is between $400 and $2,500. A $5m umbrella can cost as little as
Working with a specialist agent like Definitive Insurance Solutions will
ensure you get precisely the right protection at highly competitive rates.
How Can I Get Best Value Commercial Liability Insurance?
You need to talk to an expert, who will save you the time of shopping
As an independent agent, Definitive Insurance Solutions works with multiple insurers so we can
secure the best protection, customized for your business.
For example, although you must have a standard policy in place first, your
umbrella policy can come from another insurer offering better coverage or
terms. In fact, your existing liability insurer may not provide umbrella
coverage at all.
We also have outstanding expertise in the field of commercial umbrella
insurance for rental properties.
Get the Answers You Need Now
Questions? We have the answers. Contact Definitive Insurance Solutions now
for a no-cost, no-obligation discussion and a free selection of quotes to
meet your needs. Give us a call at 717-537-1104 today!
Do it now, though. That unwelcome, surprise damages claim could be just
around the corner.