Commercial umbrella insurance
Occurrence-based insurance is a type of policy that pays for losses that occur during the policy period, even if it’s no longer active when you file a claim.
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.
Commercial umbrella insurance can increase the limit of three policies: general liability insurance, employer's liability insurance, and commercial auto liability insurance. It protects against the most expensive liability lawsuits.
Though the terms are sometimes used interchangeably, commercial umbrella insurance and excess liability insurance do not refer to the same policy.
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.