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When you have liability insurance, you expect it to protect you from the harm you cause others. However, liability policies can only go so far. At times, this means they won’t cover all your losses. You’ll still want protection, nonetheless. This might mean investing in commercial umbrella insurance. What areumbrella closing the gap these policies? What will they cover?

Commercial umbrella insurance is critical in cases resulting in high liability losses. So, carefully consider how your coverage can help your business.

How Umbrella Policies Work

All basic commercial liability policies have financial limits. Thus, if you face a financial claim above these limits, you’ll might have to pay out of pocket for the excesses. With umbrella coverage, however, you’ll get extra funds for hangover losses left by your original policy limits.

Umbrella coverage, because it provides more money, will often prove instrumental to solvency. Coverage can also insure liabilities not covered by your standard insurance policies. Therefore, protection often offers more security in the end.

Umbrella insurance often can apply to a variety of your commercial liability policies. You might be able to claim funding related to losses on your:

1. Bodily injury liability insurance

If someone gets hurt in your business, coverage can help you pay their medical costs. Umbrella insurance can come in handy in case these costs exceed your liability limits.

2. Property damage coverage

If you damage your clients’ property, this coverage can help you repay their losses. Extra umbrella coverage might help if you damage exceptionally-valuable items.

3. Professional errors/malpractice coverage

Professionals like accountants, lawyers or doctors often carry this coverage. It covers the damage you cause your clients, which often prove expensive. Many umbrella policies will often cover extra losses.

4. Commercial auto insurance

If your company vehicles cause an accident, the harm to others could become costly. With umbrella coverage, losses above the cost of your existing commercial auto liability coverage can have coverage.

5. Advertising/personal injuries

You might accidentally commit defamation, libel or slander, either spoken or printed. You’ll often need a specific liability policy in your commercial plan for these risks. In case you have exceptionally costly losses, see if your umbrella coverage will help.

Keep in mind, umbrella insurance is a fluid world. Therefore, policies will vary in what they cover. Some might not include all the coverage listed above.

Therefore, you should take a close look at your commercial liabilities. Ensure any umbrella policy you obtain pertains specifically to your industry and operations. Don’t forget, these policies will have financial limits as well, so ask your agent to increase coverage as necessary.

Also Read: What to Consider When Launching a New Business

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Lighthouse Group Main Office in Grand Rapids, MI
Mailing Address | P.O. Box 530009, Livonia, MI 48153

Phone: 734.421.9900 | Toll Free: 800.220.5582 | Fax: 734.421.9911

Also serving these Detroit area communities in Michigan: Livonia, Farmington Hills, Ann Arbor, Southfield, Plymouth, Canton, Westland, Northville, Novi, Dearborn, South Lyon & Walled Lake