| NYC Business Group
What Does Commercial Umbrella Insurance Cover?
Although your business is protected by business insurance, it is prudent to purchase commercial umbrella insurance. This type of insurance cover is vital because it provides coverage if a claim exceeds the limit of other insurance policies. Besides being affordable, commercial umbrella insurance offers protection against claims and lawsuits. With an umbrella insurance cover, you can never go wrong.
Do You Need to Invest in a Commercial Umbrella Insurance?
Typically, not all types of businesses require commercial umbrella insurance. However, if you face a liability claim and it exceeds the limit of your general liability insurance, you could end up losing a lot of money. Instead of raising the limits of your insurance policies, it is prudent to invest in umbrella insurance to increase the insurance coverage. The policy can cover a wide range of claims when other policies are exhausted. Some of these claims include:
- Customer injury claims
- Product liability claims
- Vehicle accidents (in non-commercial vehicle accidents)
- Claims for slander, libel, and reputation damage
Give our agency a call to find out the coverage you need today!
What is the cost of Commercial Umbrella Insurance?
When it comes to purchasing commercial umbrella insurance, several factors come into play. These factors include:
- The size of your business
- Level of risk in your specific industry
- The type of services or products you provide to your customers
- Do You Need a Commercial Umbrella Insurance?
As general liability insurance or business umbrella insurance cannot cover all business risks, it is essential to invest in other insurance policies. Here are some of the insurance policies you need:
- Auto liability insurance – the insurance policy is for rented vehicles or the employee-owned vehicles used for company work.
- Employment Practices Liability Insurance (EPLI) – to keep your business covered against wrongful termination, discrimination, or other issues, you need this type of insurance policy.
- D & O insurance – the insurance policy covers the legal representations and damages if an officer or director in your company faces a lawsuit.
- Fire liability insurance – this insurance policy protects you against lawsuits or damages if a fire occurs in a building you rent or lease.
- Liquor liability insurance – if you own a bar, restaurant, or other venues that serves liquor, it is vital to have liquor liability insurance.
Commerical umbrella insurance, will help ensure you have the best coverage, and properly insured for your business.
Let NYC Business Group cover you for you Umbrella Policy today!