As a business owner, you must be proactive to protect your company from a devastating financial blow. Having the right insurance coverage is vital. Even if you already have liability coverage, it might not be enough. Commercial umbrella insurance can give you additional financial protection and peace of mind.
What Is Commercial Umbrella Insurance?
Commercial umbrella insurance is optional coverage that can supplement the coverage you already have. If your company files a large claim or is ordered to pay a judgment related to a lawsuit, the coverage limits in your current insurance policy might be inadequate.
That’s where commercial umbrella insurance can help. It can extend your coverage beyond the limits in your existing policies. If you exhaust your standard coverage, your commercial umbrella insurance can kick in and cover the difference.
Commercial umbrella insurance generally increases liability coverage limits in $1 million increments. You can select a level of coverage that’s appropriate for your business based on its size, your industry, and the kinds of risks your company faces.
Why Should Your Company Have Commercial Umbrella Insurance?
A single insurance claim or lawsuit can cripple a business. If a customer gets hurt on your property, or if someone is injured by an employee’s actions or by a product that your company sells, your business might be on the hook for millions of dollars.
If the value of the claim or judgment is greater than the amount of coverage your insurance policy provides, commercial umbrella insurance can cover the difference and leave you and your company financially secure. Without umbrella coverage, you would have to find a way to pay the difference yourself. You might be forced to withdraw money from your retirement account or sell the business to meet your obligations.
How Can You Get Affordable Commercial Umbrella Insurance?
Commercial umbrella insurance provides valuable protection, and the premiums are more affordable than you might expect. A member of the team at Petruzelo can help you find the coverage that’s right for your business at a price that fits your budget.
First, we’ll have to figure out how much commercial umbrella insurance is appropriate for your company. That will depend on several factors, including the type of business you operate, your level of risk, and the amount of coverage you currently have.
Once we’ve determined the level of commercial umbrella insurance that’s right for your business, we’ll compare rates from several top insurers. Contact us today to learn more.