We recommend commercial umbrella insurance for all types of businesses to provide more protection.
You might have noticed that lawsuits seem to be more common these days and that the amounts sought are higher than ever. The problem is that most insurance companies have maximum insurance levels that they are willing to write. So, what happens if you are involved in an accident or other incident and the claimant is awarded more? You really don’t want the answer to that question! The good news is that you can avoid a business-closing scenario by securing commercial umbrella insurance. This type of policy provides extra coverage for costs in excess of the liability limits on your other policies.
At Mr. Auto Insurance, we recommend commercial umbrella insurance for all types of businesses to provide more protection than your fleet insurance, general liability, and other policies offer. This added layer of coverage kicks in after the other policy limits have been exhausted. It also covers some losses that aren’t covered by your other policies.
Another situation in which commercial umbrella insurance is a necessity is if you bid on projects that require you have more coverage than you already have. For example, if you are a contractor with a $1 million policy and a government contract requires you to have $3 million in coverage, you can obtain a $2 million commercial umbrella insurance policy to make up the difference.
Commercial umbrella insurance can be selected in $1 million increments up to whatever amount you need. The premiums depend on the risk factor of your particular industry, but in most cases, it is a very affordable coverage to obtain. If you would like more information about obtaining a commercial umbrella insurance policy for your company, reach out to us at our Fort Myers, Florida office.