Commercial Umbrella Insurance Waterbury Ct

What Is Commercial Umbrella Insurance?

Commercial Umbrella insurance for businesses near Waterbury, Ct is another layer of protection for your company. When a claim reaches the liability limit on an underlying insurance policy, such as commercial general liability insurance, a commercial umbrella insurance kicks in to provide further liability coverage.

Let’s assume your firm is being sued for $2 million but only has $1.5 million in business liability coverage. Your commercial umbrella insurance would cover the $500,000 difference. Legal defense expenses are paid for under liability insurance; the policy maximum applies towards these costs.

What Does Commercial Umbrella Insurance Cover?

Umbrella insurance can also cover claims that exceed the limits of a primary insurance, such as general liability or commercial auto insurance.

An insurance policy for business owners is a type of general liability coverage that covers damages to your company’s assets, as well as legal expenses, medical expenditures, property damage, and court judgments and settlements.

Umbrella insurance covers businesses against a wide range of events and circumstances, ranging from $1 million to $15 million in aggregate.

 

QUALITY BUSINESS INSURANCE COVERAGE STARTS HERE.

Where ever you live and having quality coverage being a business owner will give you a peace of mind. American Financial Solutions can help you stay protected for the business you work hard for.  

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What Does Commercial Umbrella Insurance Cover?

Umbrella insurance can also cover claims that exceed the limits of a primary insurance, such as general liability or commercial auto insurance.

An insurance policy for business owners is a type of general liability coverage that covers damages to your company’s assets, as well as legal expenses, medical expenditures, property damage, and court judgments and settlements.

Umbrella insurance covers businesses against a wide range of events and circumstances, ranging from $1 million to $15 million in aggregate.

How Does A Commercial Umbrella Insurance Policy Work?

Let’s assume one of your staff members is in an automobile accident while making deliveries for work. Your employee is to blame, and the damage to property and bodily injury damages exceeds the liability limit on your company vehicle insurance policy. You would have to pay for those expenditures out of your business funds if you didn’t have a commercial umbrella policy, putting your business at risk. If you choose this option, you’ll have to risk your personal financial stability. Fortunately, with a commercial umbrella policy, you won’t need to utilize either of these alternatives. A commercial umbrella insurance can help cover liability expenses that are beyond the primary liability.

What Is Not Covered By Commercial Umbrella Insurance?

Commercial umbrella insurance does not cover every insurance claim. A commercial property insurance policy, for example, is not a coverage that may be added to a commercial umbrella policy.

Let’s assume a workplace fire destroys company equipment. You’d be responsible for these losses without the aid of a commercial umbrella insurance plan because you have commercial property insurance coverage.

Who Should Buy Commercial Umbrella Insurance?

In general, the more your business interacts with clients and consumers in person, the greater its liability risk. And risks are amplified if your staff use heavy or dangerous equipment on their tasks. Both of these types of enterprises would benefit from extending their liability coverage through commercial umbrella insurance.

A commercial umbrella insurance policy protects your business against lawsuits, as well as liability risk. Other possibilities include a company that works on someone else’s property or one that allows the public access during working hours. If people can visit your company during the day, there is an increased potential for bodily injury claims. Working offsite on someone else’s property exposes your

 

What’s the Cost of Commercial Umbrella Insurance?

The cost of a commercial umbrella policy is based on the amount of coverage you choose and the risk profile of your organization.

Making a single premium payment in full is one approach to save money on a commercial umbrella policy. Making monthly payments may be useful, but you’ll pay more in total over time. If you have the resources, paying your company’s entire premium upfront might be a good idea.

When Can You Add Commercial Umbrella Insurance?

Are you wondering what kind of liability insurance might benefit from an added level of commercial umbrella insurance? General liability insurance, business auto insurance, hired and non-owned vehicle insurance, and employee’s liability coverage are all good options.

General liability insurance covers you against a variety of claims, including bodily injury and property damage from clients and consumers. Other claims that may be covered include copyright infringement, reputation damage, and commercial harm.

Commercial auto insurance protects the cars, trucks, and vans you use for your business. A personal auto insurance policy typically does not include coverage for business usage of vehicles. As a result, it is critical to have liability coverage from a commercial auto insurance policy.

Hired and non-owned auto liability insurance protects an employer against financial responsibility if employees rent or utilize their own vehicles for business purposes. Because a personal insurance policy will not cover the driving you do for business, you should obtain hired non-owned auto liability insurance if you are renting a car for work or using your own automobile for work.

An employee lawsuit insurance policy protects your firm from claims filed by its employees.

What’s the Difference Between Commercial Umbrella Insurance and Excess Liability Insurance?

Excess liability insurance may be purchased as a standalone policy or added on to another type of liability coverage. An excess liability insurance policy kicks in when an underlying insurance policy’s liability limits have been reached and supplements the coverage provided by that particular underlying insurance policy.

An excess liability insurance policy adds only more liability coverage to a specific underlying policy, such as a general liability insurance policy.

An umbrella insurance policy for businesses can provide extra protection to several liability insurance policies.

Choosing Liability Policies for a Small Business

Small companies may benefit from a wide range of commercial insurance coverage. Liability insurance is an important topic to understand since it covers any potential liabilities your business might have in the event of an accident or other calamity. In addition, you should consider these extra liability insurance alternatives:

This insurance protects the owners (officers and directors) from liabilities and compensation for claims made against them.

Lawful liability insurance protects you against being held liable for a fire in a space where you rent or lease.

Liquor liability insurance indemnifies a company against bodily injury claims caused by the sale of alcohol during business activities. A bar or restaurant would benefit from this type of coverage.

Independent agents can help a small business find the best

Commercial Umbrella Insurance policy

American Financial Solutions LLC in Waterbury CT an independent agent can help a small business find the best general liability insurance policy for their needs. Contact an agent today to get started at 866-737-1727

QUALITY BUSINESS INSURANCE COVERAGE STARTS HERE.

Where ever you live and having quality coverage being a business owner will give you a peace of mind. American Financial Solutions can help you stay protected for the business you work hard for.  

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