Businesses without liability insurance are not likely to last through a lawsuit. Unfortunately, even businesses that are protected cannot afford to defend themselves in an unusually costly lawsuit.
When the policy limits of a liability insurance policy have been exhausted, umbrella liability coverage comes into effect.
Commercial umbrella insurance is designed as a backup coverage for your business if your other liability coverage has been used up.
While you may not expect your business to become involved in a $1,000,000+ lawsuit, the consequences of ending up in one without umbrella insurance could destroy your business and your personal financial state.
Commercial umbrella insurance, also known as excess liability insurance, is aptly named; it comes into effect to keep you and your business covered when your liability insurance falls under the rain of pressure caused by an extremely expensive lawsuit. This additional insurance protects small businesses from succumbing to financial devastation if they have already exceeded their insurance limits.
Umbrella insurance can be added to many liability insurance policies, including general liability, employer’s liability, and auto liability. It covers the additional cost of your company’s liable expenses. If a lawsuit costs your company $1.5 million, but your general liability insurance policy covers only up to $1 million, your umbrella insurance policy would cover the remaining $500,000 left to be paid.
Without umbrella insurance, your business would be forced to pay that half-million-dollar settlement without any help. Could your business afford to take a financial hit that significant? The consequences of ending up in such a position could destroy not only your business but your personal financial state as well.
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