Best Insurance Group, LLC Blog
Would you like to apply for a Commercial Umbrella Liability Insurance Policy? You can surely do so, but you have to figure out the coverage limits first.
It will help you decide whether or not it would be wise to invest in this particular kind of insurance policy down the road. Fortunately, this article can help you understand more about the advantages and disadvantages of umbrella liability insurance and what it entails.
Listed below are some pertinent details about commercial liability insurance coverage and its limits. Would you like to learn more? Please continue reading.
What Is Umbrella Liability Insurance?
Umbrella liability insurance offers an extra layer of protection for those individuals who already have certain insurance policies but are greatly limited in coverage.
This policy covers various items from legal fees, health expenses caused by accidents, and auto repairs. If your employee needs physical checkups, commercial liability insurance can cover it if the health insurance falls short.
For example, if your company gets sued for about two and a half million, but you only can cover about 2 million with insurance, commercial liability will cover the rest. You can rest assured that you will be able to afford the extra cost of legal fees in the future.
Because of these coverage points, commercial umbrella liability is a great partner with singular insurance policies. It extends coverage significantly. It also helps protect employees from any additional costs that they might incur because of accidents in the place of work.
What Isn’t Covered By the Policy
However, this particular policy is not foolproof. It also has limits. If, for example, your property or equipment gets damaged because of an accident, commercial liability insurance will not cover the expenses that come with the damages.
You have to pay for that out of your pocket.
That being said, this particular policy will be a great addition to your arsenal of insurance benefits. It will allow you to send coverage well, making sure that you will not end up exhausting the limits of your original policy.
So if you don't have it already, you should get one as soon as possible. It will put you at an advantage financially.
The Closing Statement
If you have more questions regarding umbrella insurance policies, it would be best to contact your insurance agent. They will be able to answer all your questions about the policy and what it entails.
You can also ask them about the limits of this policy and what you can do to circumvent the effects of those limits. What is important is that you learn all you can learn about umbrella insurance before getting one. If you already have one, it will be a great opera to need it to learn more about the policy.
At Best Insurance Group, LLC, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays, and we're here to help you out. Learn more about our products and services by calling our agency at (970) 674-5000. You can also request a free quote by CLICKING HERE.