Extra Layer of Protection for Your Business
Commercial Umbrella Insurance is designed as supplemental coverage to your existing business insurance policies. It’s there to help provide an extra layer of protection for your business in the worst-case scenario. For example, if you’re sued for damages, and the amount exceeds the limits of your general liability policy, this umbrella insurance can help cover the costs. This can also help protect your business from other risks, such as specific advertising injuries or employment practices liability.
Commercial Umbrella Insurance is an important part of protecting your business. The Peak Agency can help you find the right coverage for your needs. We’ll work with you to find the right solution for your business, so you can have peace of mind knowing that you’re covered.
Who Requires a Commercial Umbrella Insurance Policy?
It’s important to have Commercial Umbrella Insurance coverage if your business is at risk for lawsuits or damages that could exceed the limits of your other liability policies. There are three main types of businesses that need Commercial Umbrella Insurance:
- those that operate on someone else’s property
those that have customers or clients who are frequently on their property
those in industries with an increased risk of employee injuries
Commercial Umbrella Insurance is a wise investment if any of these apply to your business. It may seem like an unnecessary expense now, but it could save your business a lot of money in the long run.
How Does Commercial Umbrella Insurance Work?
Commercial Umbrella Insurance is designed to protect business owners from potentially devastating liability settlements.
If you are sued, and your underlying insurance coverage reaches its limits, your Commercial Umbrella policy will step in and cover any additional liability up to the policy limit. This type of coverage is essential for businesses that could be exposed to a significant liability, such as businesses that own multiple properties or those that work with high-risk activities.
Without Commercial Umbrella coverage, you would be responsible for paying any settlements or judgments out of your own pocket, which could quickly bankrupt your business. Commercial Umbrella coverage is important in protecting your business from catastrophic liabilities.
What’s NOT COVERED By Commercial Umbrella Insurance?
Commercial umbrella insurance is designed to provide protection for business owners in the case of a liability claim. However, it is important to understand that this type of insurance does not cover all potential liability claims. Additionally, this umbrella insurance will not extend the limits of certain policies, such as commercial property insurance.
For example, if a fire were to damage your business equipment and the cost to replace and repair your property exceeds your commercial property limits. You would be responsible for covering the difference out of pocket as commercial umbrella insurance does not cover business property claims. Commercial umbrella insurance also cannot be provided as additional coverage for a professional liability policy and will not cover punitive damages or product recalls.
It is important to be aware of what types of claims are not covered by commercial umbrella insurance so that you can make an informed decision about whether or not this type of coverage is right for your business.
What Determines The Cost of Commercial Umbrella Insurance?
The premium for Commercial Umbrella Insurance is generally based on three primary factors:
- the amount of underlying coverage
the limit amount
the type of business
the size of business
These factors all affect how likely a claim will exceed the underlying policies’ limits and how much money would be required to settle such a claim. By understanding these factors, business owners can make an informed decision about how much Commercial Umbrella Insurance they need to protect their business from potentially crippling liability losses.
Get a FREE Commercial Umbrella Quote, Today!
Commercial Umbrella Insurance is designed to protect businesses from significant financial losses. It provides coverage above and beyond the limits of your other business insurance policies and can help to cover the costs of judgments, settlements, and attorney’s fees. If you’re looking for Commercial Umbrella Insurance, The Peak Agency can help. We’re an independent insurance agency that works with various insurance carriers. This allows us to find the best possible coverage for your business at the most competitive rates. Contact us today at 405-332-5568 to get started on a Commercial Umbrella Insurance quote.
Why Choose The Peak Agency For Your Commercial Umbrella Insurance?
We have years of insurance experience helping clients prepare for the unknown.
We are are a no pressure, no hassle company who gets you covered efficiently for your insurance needs.
We provide a personalized business or individual assessment and help protect your hard-earned assets.
OTHER AVAILABLE INSURANCE
This will protect you and your vehicle in the event of an accident. It can help cover repairs, or replacement costs if your car is totaled. Some policies even cover rental cars.
This type of policy that protects the assets and business operations of individuals or organizations. It can help with covering physical property such as buildings, etc.
This helps protect your home, family, and valuables from damage or theft. A standard homeowners policy will cover you for major structural damages like fire and burglary.
This protects in case there are any accidents at an oil field, on production equipment near natural gas fields, and even during transportation for personnel.