Commercial Umbrella Insurance can assist to fulfill a contract that requests higher than standard policy limits.
This type of umbrella coverage can provide additional liability coverage for the most costly lawsuits. For example, if a covered lawsuit maxes out your general liability insurance policy but you still owe money for damages, business umbrella coverage can provide additional funds to make up the difference.
Umbrella liability insurance can supplement your coverage provided by:
- General liability insurance
- Employer’s liability insurance (often included in workers’ compensation)
- Commercial auto insurance or hired and non-owned auto insurance (HNOA)
Commercial umbrella insurance can enhance your coverage for any (or all) of these policies. Before you can purchase umbrella liability insurance, however, an insurer will require you to carry a certain amount of coverage for the underlying policy.