Business Umbrella Excess Liability Insurance Request a Quote When It Rains, It Pours… Especially when it comes to unexpected accidents or claims… What is Business Umbrella Excess Liability Insurance? You never know when it might rain. So just like the name implies, this type of policy acts like an umbrella, providing protection against a wide range of potential financial dangers, and unforeseeable mishaps.Business Umbrella Excess Liability Insurance is a form of liability insurance, therefore it does not cover:Your own medical expenses.Losses to your business property.However, what exactly is covered by your umbrella policy depends on how you decide to set it up. In most cases, umbrella insurance protects you and your business from:Injuries you or your employees cause in a car accidentInjuries someone suffers on your business propertyProperty damage you or your employees cause in an accidentAttorney fees and other legal costs if you’re suedYes, your existing business insurance policies may protect you to an extent, but an umbrella policy goes much further for less cost than upping the limits on your existing policy because it covers for different types of risks. Since the terms of umbrella insurance policies will vary, depending on insurance companies, and your own business needs, a qualified insurance agent from our firm is the best person with whom to discuss the benefits, restrictions, and coverage from each carrier they represent. Aren’t businesses with a lot of assets the only ones who need Business Umbrella Excess Liability Insurance? Actually, any business owner who expects to keep the income their business earns, could benefit from having an umbrella insurance policy.What would happen, for example, if an employee causes a car accident while driving your company fleet vehicle, and injures several people. The injured people will sue you, your employee, and your business, of course.Your Business Auto liability insurance kicks in, and pays up to its maximum limits. But the jury finds your business is responsible for an extra $500,000 over your Business Auto liability limits.Ask yourself: How long would it take you to pay that off?Umbrella insurance covers the amount that exceeds your Business Insurance coverage, usually up to $5 million-sparing you from a financial nightmare, along with paying the attorney to help you survive it. Are Business Umbrella Excess Liability Policies Expensive? Relative to the amount of insurance protection your business has, umbrella insurance is highly affordable. Especially since it’s unlikely you will ever have to make a claim against it. So your specific cost will be determined by:The amount of coverage you purchaseYour insurance carrier’s provisionsYour risk profile and driving record of you and your employeesTell me again why I need Business Umbrella Excess Liability Insurance?A long time ago, you set some business goals, made a business plan, worked hard and got “there”. As you did, your business accumulated possessions. Not to be ostentatious, but enough to make your business profitable.You are rightly proud of these accomplishments. In fact, you have protected them with the best insurance you could.Now you need extra protection, a Business Umbrella insurance policy. A policy that will cover you, your business and your employees above and beyond what any single policy might cover.For example: What are your liability limits on your business autos and property liability policies: $500,000 to $1,000,000?If you or one of your employees gets into an auto accident … or a customer slips and falls in your business, resulting in a broken bone or whatever fluke occurrence-you, your employee, and your business can be sued. And what if the award goes to the plaintiff?Okay, you say, the insurance will cover it. But what if the amount is over the policy limits? (That happens, especially if you own your own business.)Your standard Property, General Liability or Business Auto policy is likely not going to be enough to cover what the plaintiff is asking for.How will you pay the judgment? How will you even defend yourself in such a lawsuit? Can you actually lose all you have worked for?You bet you can. Not only can you lose what you worked for, you can lose part of your wages for the rest of your working life. (Most people don’t know this.) They Want It Because They Can In our society, three things work against you and your business:It cost nothing to initiate a lawsuitJuries and judges are unpredictableDefending yourself costs enormous sums of moneyOne other factor also comes into play: They want it because they can. Why We're Different You may think you want the cheapest insurance you can find for your business, but realize you may not be getting everything you bargained for.While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers your business. So if you’re at all concerned for your business's financial well being, you should investigate what you are offered carefully, and consider a relationship with a reliable guide.There’s no such thing as a one-size-fits-all insurance policy.We’re your neighbors. We protect businesses and that means we always look for ways to protect your business better, including carefully choosing the insurance companies we represent to be both affordable and responsive.Contact us and let the professionals at our company help you forge the strongest shield possible to help you protect your business.