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Rated 5 stars
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Save up to 35% on smarter business insurance for Umbrella Insurance
What is Umbrella Insurance for Businesses?
Umbrella insurance acts as a broad level of protection to safeguard a business and its assets. While it may be unlikely that a business is faced with a legal claim beyond their coverage limits, some claims may extend beyond that capacity. Commercial umbrella insurance is often confused with excess liability insurance, but there are key differences between the two. Excess liability insurance only extends one portion of your insurance, such as your property insurance. Umbrella business insurance is an overarching level of coverage that extends to a number of your policies simultaneously. If excess coverage is a slice, think of umbrella coverage as the whole pie.
Who Needs Umbrella Business Insurance?
- All businesses should consider this coverage
- It is normally recommended if your business needs more CGL limits than your main policy will cover
Examples of Umbrella Insurance Claims
Multiple Liabilities
Car Accident
Department Store with large inventory
A small coffee shop or restaurant may only need standard commercial general liability coverage. However, a venue such as an amusement park, which feeds and entertains tens of thousands of children each year, could encounter any number of liabilities (including several all at once) and will need umbrella coverage well above and beyond a standard package.
Frequently Asked Questions
Why Should You Get Umbrella Insurance Coverage?
Businesses will often require umbrella coverage in order to grow. A small start-up for example may be decently covered by their existing, run-of-the-mill policies; but in order to work with large-scale investors, or much larger corporate partners, the deals may often require significantly more insurance coverage which is best created by an umbrella policy.
What Can Affect the Price of Umbrella Business Insurance?
Umbrella insurance can often be built in a sort of tower depending on the amount of coverage needed and the nature of the protection. Let’s say your standard coverage has a limit of $5 million, but you’re required to have a limit of $15 million for a particular contract. You would need to contract likely with one or even two other insurers - one who could cover the $5-10 million threshold, and a third to cover the $10-15 million necessary. Despite being required to obtain that coverage, it’s unlikely you’ll have a claim that would be that expensive, so umbrella coverage should be less expensive for protecting those larger, just-in-case amounts.
When Should Businesses Purchase Umbrella Insurance?
Usually the decision to include umbrella coverage is driven by the requirements of a contract, so there is no set time that it should be added for every company. Yet as a business grows and revenue expands, risks and liabilities expand as well. It is always wise to maintain regular check-ins with your insurance broker to make sure that you’re properly covered - no matter what happens.
