Umbrella Liability / Excess Liability Insurance for Consultants
As a consultant, you know that even the best-run businesses need a little help in order to grow and succeed. And when it comes to your own business, you may need an extra boost for your business protection plan in order to thrive as well. For consulting professionals, Umbrella Liability Insurance or Excess Liability Insurance can strengthen your General Liability and Employer's Practices Liability policies in increments of $1 million with one affordable premium. Plus, this added protection helps your company meet specified coverage amounts in client contracts. For example, if your GLI limit is $1 million but your client's contract calls for $2 million in coverage, your Umbrella policy can increase your General Liability coverage by $1 million to meet requirements.
Some states require that you carry certain policies before you can purchase Excess Liability coverage, and your insureon agent will be happy to advise you about your options. Read on for more details about Umbrella Liability Insurance and the added protection it offers your consulting business.
Umbrella Insurance Protects Consultants
How Umbrella Liability Insurance Protects Consultants
If you were to individually increase the limits of your General Liability Insurance and Employer's Practices Liability Insurance (EPLI) policies, the extra expenses would add up quickly. Higher limits tend to raise your premiums, and you would be responsible for paying more for both policies. However, when you purchase Umbrella Liability Insurance, you receive more coverage for less money. With one Umbrella policy, you can extend the limits of multiple policies by millions through one premium. Usually, you would only have to pay a couple hundred dollars a year for this extra coverage, making the added protection affordable for even the smallest businesses.
If you have an office that welcomes clients or visitors, you may want to consider the extra security Excess Liability can offer your business. If someone trips, falls, and breaks a bone on your business property, you could be sued for medical costs. Because court costs can be an extraordinary burden for small business owners, a boost to your General Liability Insurance can only stand to benefit your business and protect it from costly settlements. For example, say the court awarded your injured visitor a settlement of $1.5 million, and your General Liability Insurance maxed out at $1 million. Your Umbrella Liability policy would cover the additional half-million dollars you owe.
You'll want to note that while your Umbrella policy can extend your General Liability and Employer's Liability coverages, it cannot increase the limits of your Professional Liability (Errors and Omissions) Insurance. So if a client sues your consulting business for professional negligence or failure to perform duties, your Umbrella Liability will not cover any amount past the limits of your E & O policy. If you're concerned your E & O limits are not adequate to protect your business for a professional liability claim, be sure to talk to your insureon agent about your options.
Umbrella Liability Insurance: Key Details for Consultants
As you consider your business insurance options, you'll find Umbrella Insurance is an easy way to extend the limits of your underlying policies with a single premium. Here are some other key details to keep in mind if you want to strengthen your coverage.
Umbrella Insurance Extends Your Liability Protection While Saving You Money.
When independent consultants purchase Umbrella Liability insurance, they enjoy the ease of paying one premium to increase the limits of multiple policies. If you were to raise the limits of your General Liability and Employer's Liability plans individually, you'd pay higher premiums for both policies — and still, you may not receive as much coverage as you would with an Umbrella or Excess Liability policy. Plus, Umbrella policies can cost as little as a couple hundred dollars a year — a rate that most small business owners can easily take on.
Umbrella Liability Insurance Does Not Include Errors and Omissions Insurance.
Umbrella Liability coverage cannot increase the limits of an Errors and Omissions (Professional Liability) policy. If you are worried that your consulting business isn't adequately protected by your current E & O limits, be sure to speak to your insurance agent. You may still want to consider purchasing Umbrella Insurance for your other liability policies. The added protection the coverage offers can be the difference between having the entire amount your need to pay a court-ordered settlement and you paying out of pocket for any amount past your policy limits.
Umbrella Insurance Can Be Purchased in Increments of $1 Million.
Umbrella / Excess Liability coverage can be purchased in increments of $1 million, which gives your consultation business breathing room in the event of a covered claim. Your extra coverage means you have the necessary funds to cover attorney's fees, large settlements, or any other court costs.
Custom-Made Policies for Consultants
Our expert insurance agents work with independent consultants to create business insurance plans that account for their risks and concerns. We know that no two businesses are alike, which is why we tailor policies to meet your needs — no extra coverages or gaps in your protection. If you want to increase your underlying policy limits with Umbrella Liability coverage, simply complete our easy online application. We can send you competitive rates from our top-tier insurance carriers in minutes.