Umbrella Insurance For Businesses
Ormond Beach, Daytona Beach, and Palm Coast, Florida
Commercial umbrella liability policies are a newer insurance coverage option for small business, but an increasingly important one.
Liability claims and court decisions involving large amounts of money can happen to even small companies these days - any business can be found legally responsible for monetary judgments, hence the need for business insurance, of which umbrella may be the best option for you.
How Does It Work?
Commercial umbrella liability insurance, also referred to as an excess policy, just like personal umbrella insurance, provides a safety net of increased insurance protection for big losses. Every policy has exclusions so please make sure to review your insurance thoroughly with your agent.
An example of how claims have changed in today's business climate is the greatly increased chance of severe head injury in accidents. Severe head trauma can send a claim's cost up and keep in mind it may take up to seven years to determine the full extent of injury. So regular insurance coverage could very well be very insufficient because typical auto liability coverage rarely covers more than $500,000.
An umbrella liability policy for your business could be the difference between bankruptcy and solvency. Umbrella policies take over where business auto policies stop, while providing legal defense coverage and additional limits to pay large judgments.
Commercial umbrella insurance represents an excellent method to help shield a business from catastrophic claims. Contact Mitchell Noel to discuss securing this valuable form of liability coverage.