Business owners require basic commercial insurance coverages to protect their assets from the unforeseen. However, many owners fail to realize how much coverage they need until they face a large lawsuit that threatens them with bankruptcy.
To avoid seeing this happen to your business, our professional insurance agents will likely recommend adding a commercial umbrella policy that exceeds general liability coverage and protects policyholders by providing additional funding in the event of a lawsuit.
Why Should Your Business Consider a Commercial Umbrella Policy?
Just like a personal umbrella policy, a commercial umbrella policy is not a standalone insurance coverage option. Its goal is to supplement insurance coverages such as:
- General liability
- Professional liability
- Commercial auto insurance
Essentially, commercial umbrella insurance coverage is a safety net for your business. If you need protection against a claim that goes above and beyond your primary policies, a commercial umbrella policy can help significantly.
Kastendike Insurance Group will discuss your business needs individually to determine if a commercial umbrella policy is a good fit. However, businesses should consider adding an umbrella policy if they:
- Have existing insurance but need additional coverage over $2 million
- Carry higher liability risks (such as higher foot traffic or a dangerous area)
- Need higher liability protection across multiple policies
What Does a Commercial Umbrella Policy Cover?
A commercial umbrella policy protects against these common threats to your business:
- At-fault car accidents in a commercial vehicle
- Employee or customer injury lawsuits
- Lawsuits stemming from property damage
Remember: an umbrella policy won’t cover personal damage or injury.
What Factors Determine Umbrella Policy Costs?
Various factors can impact the price of commercial umbrella insurance, including:
- Risk associated within industry niche
- Existing coverage limits
- Where your business is located
- How many employees your company has
- How many commercial vehicles your company operates
Talk to Kastendike Insurance Group About Adding Commercial Umbrella Coverage
Partnering with Maury, Donnelly & Parr, Inc., The Kastendike Insurance Group has helped business owners in various industries recognize the benefits of adding commercial umbrella coverage. To get a no-obligation quote, call 443-501-9388.
