You’ve protected your business by General Liability Insurance to cover accidents on and off your premises or injuries caused by your products or services and Auto Liability for bodily injury or property damage for which you are responsible as a result of a vehicle accident. But what if the unthinkable or unexpected happens and you are involved in a very serious situation that results in a costly lawsuit and the possibility of damages in excess of those policies limits?
You’ve probably heard about very high awards being given to victims of serious accidents and while it isn’t very likely to happen, we know you would want to have the peace of mind that comes with protecting your assets if it does, especially if it can be accomplished in a cost-effective manner.
The Added Security of Commercial Umbrella and Excess Liability
Commercial umbrella and excess liability policies pick up where your General and Auto liability ends if those limits are insufficient to satisfy a large jury award or settlement. And since the chances of having that happen are small, so is the cost of an umbrella policy – in fact, it’s a fraction of the cost of your “primary” insurance coverage.
In addition, an umbrella policy covers attorney fees and other court costs, even if ultimately no damages are paid under the policy. In today’s uncertain legal climate, this additional layer of protection can be the difference between carrying on your business as usual or having to liquidate your assets.