Commercial umbrella insurance
Excess liability insurance provides additional coverage limits in excess of your underlying liability policy.
Though the terms are sometimes used interchangeably, commercial umbrella insurance and excess liability insurance do not refer to the same policy.
Commercial umbrella insurance can boost liability coverage on several underlying policies, including general liability insurance, employer's liability insurance, and commercial auto insurance. It protects against the most expensive lawsuits.
Commercial umbrella insurance costs about $40 per month for each $1 million of additional coverage. Your level of risk and how much coverage you buy determine the cost of this policy.
Commercial umbrella insurance is defined as a form of business liability insurance that provides extra protection against lawsuits filed against you for alleged property damage or personal injuries.
The term bodily injury means physical harm to a human body. It can refer to sickness, disease, or injury that may require medical treatment.
Occurrence-based insurance is a type of policy that pays for losses that occur during the policy period, even if it’s no longer active when you file a claim.
Excess and surplus (E&S) lines insurance is a type of coverage for financial risks that are too high to insure through the standard market and is obtained from an insurer that is not licensed in your state.