Umbrella and Excess
Commercial Umbrella and Excess Liability insurance acts as a gap between your existing business insurance and any expenses, settlements, judgments or legal fees (claims) that go beyond the limits of those policies. Simply put, this extra coverage helps in the face of catastrophic event that could cause severe losses to your income or future income. A simple example would be a settlement calling for $1.5 million but your General Liability only covers you for $1 million. Your Umbrella policy would provide you the additional $500,000 to successfully settle the claim, without touching your assets.
Many businesses, especially small businesses and start-ups, find an Umbrella policy to be more cost effective than raising the limits on their existing policies. Premiums are based on several risk factors as well as the underlying policies.
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