For many companies, catastrophic events can mean they’re forced to go out of business due to the financial toll these events take. With one of our comprehensive commercial umbrella insurance plans, you’ll have the benefits of not only your primary policy but also the additional coverage your umbrella policy gives you.
There are some important questions to consider before you purchase a commercial umbrella insurance policy, and we’re here to help you with the answers.
What does commercial umbrella insurance cover?
Commercial umbrella coverage comes into play when your other coverage has been exhausted. Depending on your policy, this usually means a major event has taken place with astronomical costs.
For example, your general liability policy may have a claim limit of $1 million. If you face $2 million in legal bills after being sued by a client, you’ll still have a million dollar bill left over. That’s where commercial umbrella insurance comes in.
However, it’s important to note that a commercial umbrella policy is only effective when you have the right underlying policy. So, if you don’t have general liability insurance to begin with, commercial umbrella insurance won’t cover additional general liability claims.
In addition to general liability insurance, commercial umbrella insurance policies can also offer extra protection for other situations when you have the proper underlying policies including:
- Worker’s compensation insurance
- Employer’s liability insurance
- Commercial auto liability insurance
Some of the situations that fall under these types of insurance include slip and fall injuries, third-party property damage lawsuits (i.e., a fire in your building damages another property), and worker’s compensation lawsuits.
How much commercial umbrella insurance do I need in Salt Lake City?
The amount of commercial umbrella coverage a business needs depends on several factors. Consider the claim limits on your underlying policies, and find out how much above and beyond your company could pay in the event these claim limits are exhausted. With most policies, we recommend getting as much coverage as you can afford to offer you the most extensive protection.
The experts at Salt Lake City Insurance will find you a comprehensive commercial umbrella insurance policy to give your business the coverage it needs when their other policies are exhausted.