Commercial Umbrella Insurance
All businesses have liabilities of some shape or form. They might arise from the risk that someone could get hurt while on your business’s premises and sue you. Or, maybe a customer who sues you for losses after following advice that you gave them. In either case, you can use your commercial liability insurance to pay for the costs of your losses. However, if a liability claim exceeds the value of your standard policy, then you might need the additional assistance that a commercial umbrella insurance provides.
A commercial umbrella insurance policy can go a long way toward helping your business remain financially secure. McDonald Insurance Group is committed to helping you design the policy that will integrate seamlessly with the rest of your commercial insurance benefits. We serve clients throughout Littleton and greater Colorado and we are here to help you get optimized coverage, too.
To get your policy today, call us at 303-957-1742 or request your free quote now.
Common Commercial Umbrella Insurance Questions
What is commercial umbrella insurance?
A standard liability insurance policy help you pay for property damage, injuries or financial harm that you negligently, accidentally or mistakenly cause to other people. For example, if a client were to fall in your store, sustain an injury and then sue you, then your general liability insurance will help pay for the settlement and your requisite legal fees.
However, if you encounter a scenario where this person’s liability claim exceeds the value of your policy limits, you shouldn’t have to worry about covering the remaining cost. Commercial umbrella insurance will the excess liability insurance benefits that you need in order to make these repayments without digging into your own commercial funds.
What is covered by commercial umbrella insurance?
To use your umbrella plan, you must first file a claim against your existing liability benefits. Those plans will pay up to their limits, at which time you can turn to your umbrella plan to pay the residual costs. With it, you’ll be able to settle your losses with those to whom you owe money, with a minimal financial loss to yourself.
A single commercial umbrella policy can apply to numerous existing business liability policies at the same time, including:
- Commercial Auto insurance
- General liability insurance
- Professional liability insurance
- EPLI insurance
Why do I need commercial umbrella insurance?
Commercial liability lawsuits can easily reach million-dollar levels, and no business should have to worry about funding these costs out of their own funds. You have no guarantee that the value of a lawsuit will fall neatly within the limits of your existing commercial liability insurance policies. Umbrella coverage will enable you to pay for exponentially high claims with your insurance benefits, protecting your company from high out-of-pocket costs.
What does commercial umbrella insurance cost?
Numerous factors can influence the cost of your commercial umbrella policy, but most policies are affordable and easily integrated into your overhead budget. We’ll work with you to understand both your coverage and price objectives, so that we can offer you only the best coverage options from within our carrier network.
McDonald Insurance Group is here to help you get the quality commercial umbrella benefits you deserve. Call us at 303-957-1742 today and we’ll be able to get started on finding you the perfect insurance solutions for you.