Excess Liability & Umbrellas

Business Umbrella

When buying insurance, you may have heard of Excess Liability or an Umbrella, but you might not have known whether purchasing such coverage was right for you. If you have ever been in that situation, there are a couple questions you can ask that may help you decide on this coverage. Question # 1 – Are you a home owner, automobile owner or business owner? If so, then you have likely purchased a home and/or auto policy that includes a defined amount of liability coverage. In the event a third party were to suffer a bodily injury or property damage loss on your property or by your automobile, your liability policy would offer a certain level of protection. As a business owner, you have most likely obtained similar coverage for your business, in the event a third party is either injured on business property or injured due to your products or completed operations. Question #2 – Do you have adequate liability coverage to handle a large or even catastrophic size claim? Serious auto accidents or claims of bodily injury due to faulty product or hazardous conditions are all too common. We read or hear about these types of events all the time. Sadly, many home owners or business owners involved have insurance policies with limits that are simply insufficient to handle the legal defense fees and ultimate settlements involved. If you aren’t sure whether you have adequate liability coverage to handle a large claim, then there is a solution for you: an Excess Liability policy or an Umbrella. And the Good News – both are relatively inexpensive and can provide coverage to meet the risks. Most Excess Liability policies are mainly adding higher liability limits to the exact same coverage in the underlying policy. An Umbrella policy is available mostly in increments of 1 million dollars and will usually broaden the coverage of the underlying liability policy or policies. For example, you could add a 4 million Umbrella on top of a 1 million General Liability policy. These two policies combined would provide a 5 million single claim limit. In today’s world, an added level of protection for your family or business is always a good idea. And an Excess Liability policy or Umbrella can give you that added level of protection.  

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