It is important to consult your policy or broker for details on policy exclusions. Geographic Availability RLI's commercial insurance liability policies are available in all 50 states, with wholesale brokers located throughout the United States. You even have the option to purchase umbrella coverage from InsureOne if your liability coverage is provided by another company.Connect with one of our qualified agents today to get a free quote over the phone by calling© 2019-2020. InsureOne offers umbrella insurance policies in $1 million increments up to $XX million, giving you the flexibility to select a policy that works best for your needs. It’s an added layer of protection that kicks in if the very worst happens with your business insurance policies. While commercial umbrella insurance can protect you and your employees from excessive liability costs, it’s important to be aware of the limitations of umbrella coverage.
If you did not have umbrella insurance, your business would be responsible for paying the additional $2 million.Umbrella insurance is a cost effective way to add to your insurance coverage, as the premiums on umbrella insurance are usually lower per additional dollar of coverage than the premiums on your primary policies.
If the judgment exceeds the limit of liability, then your umbrella insurance will pay the rest of the loss up to the the limit of the umbrella insurance coverage limit.Your business has general liability coverage of $1 million, and umbrella coverage of $5 million.A customer is injured on your property after tripping and falling while visiting your business, and requires long-term medical care. All readers are advised to conduct their own independent research and consult with an attorney, accountant, insurance broker, or other licensed professional when making any legal or financial decisions. The amount of umbrella insurance to buy is ultimately a business decision, as it is not possible to have total foresight into all possible risks that a business may face. If your underlying coverage is ever exhausted due to a large settlement or multiple claims in a policy year, then the umbrella policy will cover the rest, up to the coverage limit for the umbrella policy. For example, a customer falls in your retail store and sues your business.
Additionally, depending on the nature of your business, commercial auto liability, workers’ compensation may also be required.If your primary insurance limits are exceeded due to an accident or large judgment against your company, umbrella insurance would pay the remainder of the claim, up to the limit of coverage for the umbrella policy. However, to properly estimate the amount of umbrella insurance to buy, you should consider the risk exposures that are common to your industry.For example, if you operate a jewelry store that caters to high net worth clients, you may want to purchase coverage sufficient to cover a high net worth person slipping and falling.
RLI offers commercial insurance coverage of up to $10 million per occurrence and $10 million aggregate.
InsureOne Insurance Services America, LLC List Of Entity/License Numbers Per State Located On This is called “drop-down” coverage. For example, if your umbrella policy is $5 million, and you have two separate losses within the same policy year of $3 million and $4 million, the most that the umbrella policy will pay is $5 million.Typical umbrella policies will contain certain exclusions.
Common exclusions include:Umbrella policies also usually exclude punitive damages and personal liability claims.
General business insurance can be expensive, but the great thing about commercial umbrella insurance is that it can significantly increase your liability insurance for a relatively low premium. If you already have general liability insurance or a business owner’s policy you may think that you have all of the protection you need.
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