Commercial Umbrella

For example, if a customer is injured on your property that results in substantial medical bills that exceeds the limits of your other liability insurance, your umbrella policy would kick in to make up the difference. The amount your umbrella insurance will pay in claims will depend on your specific policy. Generally, payout limits can range from $1 million to $15 million.

While any business can use an umbrella insurance policy, some need it more than others. One type of business that needs commercial umbrella insurance the most are ones that have a lot of in-person interaction with clients, customers, and the general public. Examples of this type of business are retail establishments, restaurants, and offices open to the public. The second type is any business that does work on someone else’s property. This includes businesses like landscapers, contractors, repair services, and so forth.

There are a few major benefits to commercial umbrella insurance. The two biggest are:

It fills the gaps that other policies might not cover.
Umbrella insurance can save your business a lot of money if a claim is filed against you.

This will prevent you from having to pay out-of-pocket for any liability claims filed against you. A simple medical claim can easily run in the hundreds of thousands of dollars. The same goes for repair to damaged property, depending on the amount of damage.

In conclusion, umbrella insurance is a great way to hedge against expensive claims that might be filed against your business. This type of insurance is meant to complement existing policies so you have no gaps in your coverage.