Umbrella

Commercial umbrella insurance covers large unexpected events that can have a devastating impact on your business, brand reputation and financial stability. While standard liability policies can help protect a company from a broad range of situations, there are certain times when losses may exceed what primary insurance can fully cover. From damaging multi-million dollar lawsuits, to auto accidents, to product liability claims: protecting your company means preparing and planning for the worst case scenario. Travelers' commercial umbrella and excess liability solutions provide you with the extra security and peace of mind so that your business is properly protected in the event of catastrophe. 

There are many varying factors that contribute to the cost of commercial umbrella liability insurance, including the size of your business, the amount of risk associated with your industry and the number of policies that you want covered. The amount of coverage that you want will also influence the cost. Commercial umbrella insurance typically increases coverage in $1 million increments. Therefore, a $1 million increase in coverage will cost less than a $4 million increase in coverage. A commercial umbrella policy can be less expensive than increasing the limits on your other policies.

Commercial umbrella insurance is designed to provide extra liability coverage above and beyond the protection offered in your general liability insurance, employer’s liability insurance and commercial auto liability insurance policies. If your underlying coverage reaches its limits due to multiple claims or a large settlement during the year, your commercial umbrella policy coverage bridges the gap to cover any additional liability. Without commercial umbrella coverage, you would have to pay out of pocket when your underlying insurance policy limits are exhausted. Commercial umbrella insurance coverage is a smart way to reduce the risk of the damage that large legal judgments or multiple insurance claims could cause to your company. 

Source:  www.travelers.com/business-insurance/commercial-umbrella