This coverage is designed to provide an extra layer of protection over and above standard Liability policies, which may not offer a sufficient amount of coverage in the event of a devastating loss – especially in today’s litigious environment where $1 million lawsuits are commonplace.
Our experienced professionals will review your assets, exposures, and the amount of risk your business can tolerate in order to secure a competitively priced Umbrella policy from the top-rated insurers we represent.
With Umbrella Insurance/Excess Liability coverage, you’re extending the coverage you presently have in the event your business is faced with a liability claim that exceeds the limits of your General Liability, Product Liability, or Commercial Auto policy. The Umbrella policy kicks in when your underlying limits are exhausted, providing protection from various types of liability, including personal injury, liquor law, contractual, and vehicle. For example, if you’re found liable for $2 million damages, but are only insured for $1 million for that type of liability, your Umbrella policy kicks in, covering any additional liability. With a $4 million Umbrella policy, your effective insurance against any covered type of liability becomes $5 million.
In addition to assessing the amount and type of coverage you need, our team will review your operational practices for ways to reduce sources of potential losses and other costs through our risk management services.