Commercial Umbrella Insurance
Commercial Liability Umbrella Insurance increases your liability limits on your general liability, commercial auto, and workers compensation policies.
What is Commercial Umbrella Insurance?
Commercial Liability Umbrella Insurance is a crucial safeguard for businesses looking to enhance their existing liability coverages. It provides extra protection when the costs associated with a claim exceed the limits of your primary business liability policies, such as general liability, commercial auto, or workers' compensation.
Why You Need It
To Protect Against Large Claims
The costs associated with a major claim or lawsuit can quickly exceed the limits of a standard liability policy. Commercial umbrella insurance provides the additional coverage necessary to protect your business assets in such situations.
To Meet Contractual Requirements
Some contracts, particularly those with large corporations or government entities, require businesses to carry a certain level of liability insurance. An umbrella policy can help meet these requirements.
To Enhance Business Reputation
Holding a commercial liability umbrella policy indicates financial stability and responsibility, potentially enhancing the reputation of the business in the eyes of clients, partners, and investors.
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What Commercial Umbrella Insurance Covers
Excess Liability Claims
Umbrella insurance covers claims that exceed the limits of your primary liability policies, including those for bodily injury, property damage, and certain types of lawsuits.
Legal Defense Costs
It covers the costs of defending your business in a lawsuit that exceeds your primary liability policy's limits.
What Commercial Umbrella Insurance Doesn't Cover
Professional Errors
Umbrella insurance doesn't typically cover claims related to professional errors or negligence. This is usually covered by a separate professional liability (E&O) policy.
Employment Practices
Claims related to employment practices such as discrimination or wrongful termination are typically not covered.
Workers' Compensation
While a commercial umbrella policy can increase your general liability coverage, it doesn't extend to workers' compensation claims.
Intentional Acts
Like most insurance policies, commercial umbrella coverage doesn't cover intentional acts of wrongdoing.
Reasons To Have Commercial Umbrella Insurance Coverage
Commercial Umbrella Insurance is a must have for businesses that need:
To Protect Against Large Claims
The costs associated with a major claim or lawsuit can quickly exceed the limits of a standard liability policy. Commercial umbrella insurance provides the additional coverage necessary to protect your business assets in such situations.
To Meet Contractual Requirements
Some contracts, particularly those with large corporations or government entities, require businesses to carry a certain level of liability insurance. An umbrella policy can help meet these requirements.
To Enhance Business Reputation
Holding a commercial liability umbrella policy indicates financial stability and responsibility, potentially enhancing the reputation of the business in the eyes of clients, partners, and investors.
What Does Commercial Umbrella Insurance Coverage Cost?
Costs can vary based on your location and the specific type of work you perform. Here are some examples of commercial umbrella quotes:
| Fiber Contractor | Distributor | Electrician | |
|---|---|---|---|
| State | IA | OK | TX |
| Annual Revenue | $750,000 | 26,000,000 | $2,500,000 |
| Excess Limit | $5,000,000 | $10,000,000 | $2,000,000 |
| # of Autos | 5 | 43 | 12 |
| Annual Premium | $3,980 | $38,000 | $6,096 |
Frequently Asked Questions
What Our Customers Are Saying
Buying insurance can be a daunting task because of the complexity of each policy. LandesBlosch has been a game changer for my business. They held my hand through all the different options that my businesses may or may not needs to make sure I'm not underinsured. This reduces my personal stress and my business liability.
Dalton P.
I have been with Guy Landes and the LandesBlosch agency for almost 20 years. Guy Landes and his staff have been there for me and my entire family through several claims as well as guiding us successfully to ensure our family’s ever changing and growing business. Whether you are looking for personal or commercial insurance, you cannot find a more devoted and competitively priced group than the LandesBlosch Group!
Mike S.
If integrity is an important element in your business dealings? LandesBlosch delivers. This company stands on timeless character strengths that have been the cornerstone of their business build. Exemplary customer service skills combined with astute knowledge in the industry equates to unparallel success for any individuals or businesses seeking solid counsel. I highly recommend LandesBlosch as your insurance partner, you will not be disappointed.
Cheri M.
Needing An Umbrella Policy?
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