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As its name implies, umbrella insurance extends your coverage beyond the limits of your basic business insurance. Also referred to as excess liability insurance, umbrella insurance is important because it covers unexpected events. It’s generally not expensive and in certain instances, it could literally save your business. For example, if your general liability insurance covers you up to $1 million, but your claim settlement calls for you to pay $1.5 million, your umbrella insurance will cover the additional $500,000.
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No one expects a disaster to strike his or her business, but every small business is vulnerable to a major catastrophe or a huge lawsuit. Think about some of the devastating losses you’ve heard about recently, or the large settlements that are awarded in courts. Some of these losses could exceed your primary insurance coverage unless you protect your business with umbrella insurance. Umbrella Liability adds coverage to General Liability, Hired and Non owned Auto Liability and Employers Liability all for one single premium. It is important to note that excess liability coverage does not apply to your professional liability insurance policy. InsureYourCompany offers all types of NJ business insurance through a variety of insurance carriers. Protect the other important assets in your company with workers compensation insurance, group health insurance, general liability insurance, professional liability insurance, employee benefits, and more. We also specialize in technology insurance for IT professionals
Umbrella Insurance is needed as it extends coverage beyond your existing business insurance limits. For instance, if a claim exceeds the maximum payout of your general liability insurance, umbrella insurance covers the excess amount, protecting your business from potentially ruinous financial obligations.
Umbrella Insurance enhances your protection by adding extra coverage to general liability, hired and non-owned auto liability, and employers’ liability under one premium. This approach guarantees broader security against various claims that could exceed primary policy limits.
It’s important to note that umbrella insurance usually does not extend to professional liability policies. Umbrella coverage is designed to supplement other primary liability policies, ensuring additional protection against large claims not covered by the base professional liability insurance.
We believe in supporting our clients through every step of the insurance process. From choosing the right coverage to filing a claim, we are here to offer guidance and support. Request a free quote today and get coverage that meets your unique needs.
