Bellevue Commercial Umbrella Insurance
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Understanding Commercial Umbrella Insurance
What does commercial umbrella insurance cover?
Essentially, umbrella liability protection adds an extra layer of insurance protection to your overall policy. This either means that it begins at the outer limit of your underlying liability policy and extends much further than the other policy does, or that it broadens an existing policy to cover more situations or areas. A commercial umbrella insurance policy is meant to serve as a backup plan in case of something going truly wrong, like if you’re sued and the jury awards a massive reward to the other party.
How much does commercial umbrella insurance cost and how can I figure that out?
Commercial umbrella liability insurance is typically sold in large quantities of $1 million or more, because it is meant as a supplementary policy package. However, it tends to not be as unbelievably expensive as clients think it will be. It is important to communicate to your insurer several particulars about your business. The financial details of your company must be analyzed before a recommendation is made, along with how your business operates on a day-to-day basis. It’s also crucial to know what types of insurance policy your company currently has, whether they be general liability, commercial auto, or something more specific like employment practices or liquor liability. Responsible insurance agents will analyze the answers that they’re given and determine what the best way forward will be for you and your business.
If you feel like your company could use more insurance coverage for a broader range of liabilities, it’s time to get a commercial umbrella insurance quote. You can either visit our website or call us directly to receive our expert advice on what type of policy will work best for your business.
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