WEDNESDAY, JUNE 29, 2016
 Has your insurance agent told you of the need to purchase commercial umbrella insurance? If so, you may be wondering why. It might not seem like an additional coverage you need. But in today's environment, chances are higher coverage limits and more expansive coverages will come in handy for your business. The right insurance policy can make a big difference in protecting your company, especially in the way of commercial umbrella protection.
What Does Commercial Umbrella Insurance Do?
Commercial umbrella insurance provides you with protection when accidents occur and your current general liability insurance policy is unable to meet the claims filed against you. In most cases, it picks up where other liability policies for your business stop. This extends that coverage, both in terms of what it covers and the amount of protection you gain.
As with other types of business insurance, commercial umbrella insurance has limitations. So, be sure to keep that in mind during the shopping process.
How Does Commercial Umbrella Insurance Work?
The first way that commercial umbrella insurance works is to add to the limit of your existing policies. In many cases, it will add $1 million or more of additional claims coverage to your existing commercial auto or general liability insurance. In some cases, it can expand that coverage much more, adding millions of additional dollars' worth of protection. Better yet, commercial umbrella insurance policies are not excessively expensive; for the amount of protection you get, they can be very worthwhile.
Commercial umbrella insurance policies can also broaden the types of claims covered under your policy. Many general liability insurance policies have exclusions, or types of claims they will not cover. Commercial umbrella insurance may extend protection to some of these previously excluded areas of coverage. You can often customize the policy to meet those specific focal points of concern.
Who Should Get Commercial Umbrella Insurance?
When selecting business insurance, most companies can benefit from an umbrella policy. Liability risks are on the rise, with more claims being upheld in a court of law than ever. With the right type of coverage and level of claims, you can minimize many of the risks you face and improve your business' financial stability. Talk to your agent about commercial umbrella insurance.
Are you fully covered? Call Buschbach Insurance Agency at (708) 423-2350 for more information on Chicago IL commercial umbrella insurance.
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