Commercial
Umbrella
Umbrella is an additional
liability policy you can buy that is designed
to cover losses that exceed the limits of your
primary liability policies such as commercial
automobile and the liability portion of you business
owners policy. It provides another layer of coverage
for catastrophic events when the underlying policy
limits are exhausted. The cost of umbrella takes
over only when the limits of the primary policy
are exhausted.
Liability policies often state
that each claim combines with your other claims
paid in any one policy year to contribute to the
maximum limits available. For example your business
liability limit is $1 million, and your insurer
paid out $800,000 on a claim under your business
owners policy in February, you might be left for
the rest of the year with only $200,000 in business
liability insurance unless an umbrella policy
is in place. Furthermore, even though your primary
policies probably include defense costs beyond
the policy limits, defense costs are only provided
so long as the is policy coverage available. An
umbrella policy generally picks up defense costs
when the primary policy reaches it limits.
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Check
out these other valuable commercial coverages
that we offer!
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