Umbrella insurance is flexible and can be tailored to specific needs. It complements other policies and can cover costs that exceed the limits of those policies. It also covers many types of risks.
Regularly interacting with customers can increase a business’s liability risks more than those who don’t engage with customers often.
If your business is open to the public and serves many guests each day, you may face more legal responsibilities.
Renting others’ property can result in increased legal liability lawsuits for businesses.
Companies buy insurance for protection, but sometimes the limits aren’t enough. This is where umbrella insurance comes in – it supplements other policies to provide added coverage.
Winning a court case is a relief, but legal defense expenses can quickly drain your bank account. An umbrella policy is an affordable way to secure your financial future.
Umbrella insurance provides extensive coverage for various unexpected situations like injuries, property damage, and lawsuits. Rest assured that you’re well protected for whatever life throws your way.
Get umbrella insurance to fill coverage gaps at a lower cost instead of increasing other policies and risking a big bill.
Check your policy documents to confirm what your insurance covers. Umbrella insurance can cover things like:
Harm to people or their property caused by your business.
False arrest, unlawful detention or imprisonment, false accusations, eviction without cause, damaging statements, unauthorized use of creative material and ideas in advertising, and invasion of privacy.
Legal expenses can occur from assuming someone else’s liability for injuries or damage when dealing with “insured contracts” such as leases or easements. For instance, a company renting an office may take responsibility for injuries resulting from slip and fall accidents in the rented space.
Here are some claim examples that illustrate what Umbrella Insurance covers:
The company is responsible for fixing damages caused by its improvements in the lease agreement. The umbrella policy pays the remaining $400,000 after the $1 million GL limit is reached.
An interior design company had a fire in a multi-million dollar apartment during a renovation. Their insurance did not cover the damage caused by the electrical contractor. However, they had an umbrella policy which covered the remaining amount owed to the apartment owner.
A cosmetics company faced lawsuits from employees and customers due to harmful chemicals in their product. The settlement cost of $1.5 million exceeded the company’s liability policies, so the umbrella carrier took over the defense.
Umbrella insurance doesn’t cover exclusions in underlying policies or increase limits for specific policies like property insurance.
Umbrella policy prices depend on location, industry, and size, like other insurance policies.
Shoot us your email and we’ll kick off a conversation to help get you a quote on the best coverage for your brand.