Commercial umbrella insurance is all about going one step further. It’s an added layer of protection that kicks in if the very worst happens with your business insurance policies. Essentially, if you go over your payout limit, it helps cover the excess costs that you would otherwise need to pay for out of pocket.
Most business insurance policies—whether they cover commercial liability or commercial property—have a payout limit. Normally, your business would be on the hook for any expenses above and beyond this limit. This type of unexpected cost is something that could threaten the very survival of your business. A commercial umbrella insurance policy kicks in only if your main business insurance policy reaches the payout limit. At that time, the commercial umbrella policy would pay out the remaining costs.
Your commercial umbrella policy may cover the costs of legal fees, medical expenses, and damages for liability issues such as bodily injury and property damage.
There are certain risk factors to consider, including public access to your business, how often you work with your clients, and if you perform work at other locations.
The beauty of commercial umbrella insurance is that, because there’s a relatively low chance it will need to pay out, it may often be considerably cheaper to purchase than you might expect. The cost of your policy may vary depending on the size of your business, the industry you are in, and how much coverage you already have.
Commercial umbrella insurance may help you protect your assets. Contact us to learn more about your coverage options.
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2600 Old Alice Rd Ste C
Brownsville, TX 78521
Slovak Insurance is an independent insurance agency offering a comprehensive suite of insurance solutions to help protect you from the unexpected.
We are licensed in the Great State of Texas.
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