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Umbrella

Owning a business is a difficult task. As a business owner, you worry for the future of your company in a time when many businesses are going under. In addition to making sure the company is growing, you must also plan for mistakes or accidents that could potentially devastate your business. The best way to protect against a potential lawsuit is through Umbrella Liability or Excess Liability insurance.

This form of liability insurance is called an “umbrella” because it provides an additional layer of insurance that spans above your firm’s general liability, auto liability and employer liability insurance.  It protects your business for catastrophic issues that threaten its security.

An Umbrella Liability policy offers 3 main benefits:

1. Increased coverage limits that kick in when a claim is made against you that exceeds the amount of your primary liability coverage

2
. It fills in when General Liability aggregates are exhausted

3.
 It can provide coverage for unusual claims that are not covered by underlying policies.

Excess Liability insurance is similar to an Umbrella Liability policy except that it is designed to follow the coverage terms in the underlying policies.  In that respect, it only provides higher coverage limits that are excess of the primary underlying policies.


If you have questions about your business insurance, call INSURANCE PLANNING SERVICE at 800-220-5582 or contact us on the web today!

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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