A Commercial Umbrella Liability Insurance Policy, increasingly referred to as an Excess Policy, can provide an additional layer of liability insurance protection to handle major losses. In today’s world of million-dollar lawsuits, these policies are a good idea for any business, regardless of size.
A business owner may consider an accident that does not involve a fatality to be one that can readily be handled by regular coverage. The reality is that such an accident may result in substantial medical care, lost income and other expenses.
Can your business afford a payment that exceeds a million dollars? Think of accidents involving vehicles that, today, are much safer than 5 or 10 years ago. That means that accidental deaths are less likely while the chance of severe head injury has increased. Severe head trauma can send a claim's cost soaring. It may take up to seven years to determine the ultimate extent of injury. Recovery is often slow and sporadic. These elements combine to make regular insurance coverage insufficient.
An Umbrella Liability Policy could be the difference between bankruptcy and an on-going business venture. The Umbrella policy would take over where the business auto policy stopped, providing defense costs and additional limits to pay large settlements.
One thing to remember is that a Commercial Umbrella Liability policy will not cover everything; there are exclusions in this form as in any other contract of insurance. However, it still represents an excellent method to help shield a business from catastrophic claims.
Contact us to discuss securing this valuable form of liability coverage. It could help preserve your business.