Umbrella Liability Insurance
How Umbrella Liability Insurance Protects Small Businesses
Small businesses and startups that encounter greater risks than most businesses can protect themselves by investing in Umbrella Liability Insurance, also known as Excess Liability Insurance. Designed to supplement existing insurance policies, umbrella coverage offers a higher level of protection against certain types of lawsuits.
With the purchase of an Umbrella Liability Insurance policy, you can increase the coverage limit on several of your previously acquired types of business insurance, including General Liability, Auto Liability, or Employer’s Liability.
To determine whether your business is a good candidate for Umbrella Liability Insurance, talk with one of insureon’s licensed insurance agents today!
Umbrella Liability Insurance Explained
Umbrella Liability Insurance takes effect when a claim exceeds the coverage limits of an underlying policy. If, for example, your business faced a $1.5 million dollar legal settlement and your first policy limit was only $1 million, your business would be responsible for coming up with an additional $500,000.
With an Umbrella Liability Insurance policy in place, however, the additional half-million dollars would come from the insurance company rather than your own pockets.
Because Umbrella Insurance policies tend to be relatively inexpensive, they can provide significant financial protection and peace of mind to business owners who don’t have especially deep pockets.
How insureon Makes Buying Umbrella Insurance Easier
Secure the Coverage You Need Today. Our online application process can get you from application to certificate of insurance in less than half an hour.
Choose from the Industry’s Top Brands. After submitting your application, you’ll receive quotes from some of the most respected names in insurance so you can choose one that best suits your needs.
Expertise You Can Trust. Our agents have connected hundreds of startups and small businesses with insurance, so they’re familiar with your needs and with the requirements of insurance companies.
Customization. Choose insureon when you want an insurance policy tailored to the unique needs of your business, rather than a cookie-cutter policy that provides excess coverage where you don’t need it and leaves gaps where you do.
KEY DETAILS ABOUT YOUR UMBRELLA INSURANCE
By paying a single Umbrella Liability Insurance premium, you can boost the protection of several of your business’s other insurance policies. To maximize the benefit you enjoy from your umbrella coverage, keep the following in mind.
Errors & Omissions Insurance Isn’t Included.
While Umbrella Insurance can strengthen the protection of your General Liability, Hired and Non-owned Auto Liability, and Employer’s Liability Insurance policies, it cannot add to the protection offered by your E&O Insurance (also known as Professional Liability Insurance). If you are worried that your E&O limits are not high enough, ask your agent about your options.
Umbrella Insurance Is Available in Increments of $1 Million.
Coverage can be bought in increments of $1 million and is surprisingly affordable for many small businesses. Get a quote now. p>
Don’t Underestimate the Benefit of Boosting Your Auto Coverage.
While many small businesses invest in Umbrella Insurance to boost the limits of their primary policies, it can also provide significant benefits for Hired and Non-owned Auto Insurance policies. If one of your employees were to cause an injury accident while driving on behalf of your company, the liability to your company would be immense. An umbrella policy provides an added level of protection for any business that in any way involves transportation of people, goods, or services.
BUSINESS PROTECTION TIPS
Umbrella Liability Insurance can protect your assets in the event of a lawsuit against your business, but by implementing a few precautionary practices, you can reduce the likelihood that your business will need that coverage. You can start managing your risk by instating the following practices.
Conduct a thorough risk evaluation.
To ensure that your coverage limits are adequate, do some research on relevant lawsuits in your industry. Compare the outcomes of those cases with your own coverage limits to get an idea whether your business is adequately protected.
If you need help, ask an agent.
The licensed insurance agents at insureon work with small businesses every day and encounter a wide range of liability claim scenarios in the course of their work. If you’d like to be sure that the limits on your current policies are a good match for your risks, we would be happy to provide a free risk analysis.
Read your contracts.
Some businesses require their vendors, suppliers, or other contractors to carry a specified level of General Liability or Umbrella Liability Insurance. Read the fine print on both the contract and your policies to ensure that you meet your clients’ insurance requirements.