Owning a business is a difficult task.

Running a business can be a difficult task. As an owner, you worry for the future of your company in a time when many businesses struggle to survive. In addition to company growth, you must also plan for mistakes or accidents that could be potentially devastating. Umbrella and excess liability insurance covers your business from catastrophes that threaten its security.

An excess liability insurance policy acts as an umbrella to your basic liability insurance. This type of coverage may respond when a claim made against you exceeds your existing liability coverage.

Umbrella liability insurance provides a safety net when your other business coverage has been exhausted.

While it’s expected that large corporations have excess liability or umbrella coverage, small and medium-sized businesses also benefit. You never know when a client will file a claim or someone accidentally slips in your parking lot. Factoring in all possible situations, this extra degree of coverage proves to be essential for:

  • Lawsuits, including settlements, defense costs and your own legal fees.
  • Commercial auto accidents, resulting in multiple injuries or serious property damage.

Without excess liability or umbrella coverage, you’ll be on the hook for these expenses once a claim surpasses your primary policy’s limits.

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