Business Umbrella insurance, Excess Liability
Commercial umbrella coverage is supplemental to commercial general liability insurance. It provides added protection from exclusions or gaps in commercial general liability insurance. Many business owners are required by a third-party contract to purchase commercial umbrella liability above the underlying business liability. Additionally, more & more business owners not required to purchase commercial umbrella still secure it to protect the financial viability of the business. Commercial Umbrella is a tool to increase the monetary limits of liability available as well as to extend the types of liability available.
Why secure a Commercial Umbrella/Excess Liability?
Commercial umbrella coverage picks up where a commercial general liability insurance policy ends.Therefore, if the commercial general liability insurance falls short of the amount of actual loss, commercial umbrella coverage is intended to take care of the rest. It can also cover some unique liabilities not provided by commercial general liability insurance. (non-owned watercraft, etc.) Sometimes certain third party damages/claims against your company are too big of a price for commercial general liability insurance companies to handle. For this very reason, commercial umbrella coverage companies are capable of covering such a loss.