Learn about commercial umbrella insurance and find out what it can do for your business.
If you are a business owner, you probably already have standard commercial coverages such as workers compensation, commercial property, and standard liability. However, despite having these policies in place, you might have some gaps in your commercial liability coverage. Luckily, investing in commercial umbrella insurance can address these gaps. Here’s what you need to know about this type of insurance.
What is it?
Commercial umbrella insurance is a type of policy that provides excess liability insurance for your business. When a claim exceeds the coverage limits offered by your standard liability policies, your commercial umbrella coverage kicks in to help your business resolve the issue.
What does it cover?
As previously mentioned, commercial umbrella insurance offers additional liability coverage for your business. For instance, imagine a customer injured himself or herself while on your business’s property. This would likely lead to a major liability issue for your business. Should the injured party’s medical costs exceed your standard liability coverage limits, commercial umbrella insurance would step in and cover the remaining cost of the claim.
Does my business really need it?
While commercial umbrella insurance is not a mandatory coverage, your business could benefit from having this type of policy in place. For instance, having an umbrella policy is the best ways to deal with coverage gaps and is one of the best ways to get your business the comprehensive coverage it needs. When you consider the financial burden of a serious liability issue, you will recognize that commercial umbrella insurance is a worthwhile investment.
Here’s what you should know about commercial umbrella insurance, including what it can do for your business. Do you need assistance with finding the right commercial coverages for your business? Then contact the team at Gant Insurance Agency in McKinney, Texas. Our dedicated professionals are ready to get you covered today.