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Commercial Umbrella
This supplemental policy will provide another layer of coverage if a claim exceeds your insurance policy’s limits. In some cases, an umbrella gives coverage that may be excluded on your insurance policy, giving you coverage where you didn’t have it. We can help you choose if an umbrella policy is needed for your business.
When do you need umbrella coverage?
Certain types of businesses are more likely to need an umbrella policy. A lot depends on your liability exposure. Do you frequently have customers on your premises? Is your type of business considered a high risk, or is your work site potentially hazardous? Do your employees work on customers’ property? Do you own vehicles and make deliveries?
Retail, hospitality, construction, shipping, manufacturing, health care, and energy are industries where employers may need umbrella coverage. Likewise, an umbrella policy may be important for certain situations, such as if your company owns a boat or an airplane. In some cases, a business partner may require you to have umbrella insurance. Government contractors are often required to carry it.
Commercial Umbrella FAQs
What is covered by an umbrella policy?
An umbrella policy is liability insurance. An umbrella policy provides an additional layer of protection if an accident occurs and causes injuries and/or damage that exceeds the coverage limit on your business, auto, and/or workers compensation policy.
Does the umbrella only apply to general liability, auto accidents, and workers compensation, or can I also add other policies, such as a cyber liability policy?
You decide whether to include additional types of policies as underlying with umbrella coverage.
Also, note that multiple umbrella policies may be required if the underlying policies are insured with two or more insurance companies. It depends on the insurance carrier. If the underlying policies are all with the same insurance carrier, they could all be included as underlying policies in a single umbrella policy.
What coverage amount should I choose for the umbrella policy?
We can help you decide the amount needed. It is based on your business exposure, risk, and the amount of risk you are comfortable assuming.
If my commercial building is damaged and the insurance limit is maxed out, can I use an umbrella policy as additional coverage to repair my building?
No. A commercial umbrella policy is liability coverage only. It extends coverage when your business is liable for property damage, personal injury, or advertising injury. It is not meant to provide any property coverage for what you own.
