Commercial Umbrella Insurance:

Will you make this common mistake?

For most situations, Commercial general liability will not be enough to fully fund your law suit. Most general liability policies will only allow you to purchase a maximum limit of $2 million per occurrence.

To purchase higher funding loss limits you will need to purchase “Excess Liability” or “Commercial Umbrella” insurance.

 

What’s the Difference Between Commercial Umbrella & Excess Liability ?

Umbrella : Typically sit over multiple policies . For example , general liability, commercial auto , directors & officers coverage.

           Excess : Does NOT sit over top multiple policies, it is vertically aligned with the general liability policy. Providing excess liability limits over the general liability policy.

 

Check your policy limits and assess how your company would adjust financially were you liable for damages in excess of your current policy limits.

The common example entails being sued for an alleged liability claim, resulting in a $5 million verdict.

Once your Business Liability and it’s $1 million coverage limit is exhausted, your company will be responsible for the remaining $4 million – unless, of course, you have viable Commercial Umbrella Insurance in place.

 

 

At Metropolitan Risk, we can design a Commercial Umbrella policy  to cover any financial limit you feel is necessary – and any liability contingencies you are compelled to address.

Contact Metropolitan Risk now.