Have you been thinking about a commercial umbrella policy for your business? We truly hope you don’t spend your waking hours thinking about business insurance. Thinking about insurance is our job, and we would be remiss if we did not mention the importance of a commercial umbrella.
An umbrella policy provides a secondary layer of liability coverage. The second layer is excess of certain underlying policies such as commercial auto, general liability and workers compensation. In other words, if you exhaust the liability coverage available under a commercial auto policy, the difference is paid by the umbrella. Or, if you have a product liability claim that exceeds your general liability limit, the umbrella provides coverage.
Why consider commercial umbrella coverage?
A commercial umbrella policy should be considered for several reasons. First, large claims happen. At Safeguard Insurance we have seen many large claims over the years. The most recent was an accident involving a pedestrian and a commercial truck. This tragic accident was the fault of our insured’s employee and resulted in the death of the pedestrian. The total settlement for this accident was $1,500,000. $1,000,000 of that was paid by the commercial auto carrier. $500,000 was paid by the commercial umbrella policy.
Second, commercial umbrella policies are affordable. The chance of your business suffering a large claim that is relatively low. Insurance companies that offer umbrella coverage know this and price the policies accordingly. You might be pleasantly shocked at how inexpensive an umbrella policy really is for your business.
Third, an umbrella provides peace of mind. We know that’s an insurance cliché – selling “peace of mind” – but there is value in knowing your business is protected from a large claim.
So, if you’ve been thinking about a commercial umbrella policy, consider calling the experts at Safeguard Insurance. We can quote an umbrella no matter who provides your other business insurance policies. Of course, we would prefer to handle all your insurance policies. To provide you with a commercial umbrella quote, we need just a few minutes of your time. Call us at 702-638-0022 or visit our commercial umbrella page and request a quote.