The Importance of Commercial Umbrella Insurance

Businesses face a multitude of risks and exposures on a daily basis. Regardless of industry or size, your company must actively implement and maintain robust risk management and loss control practices. One crucial element of any business’s risk aversion efforts is acquiring suitable insurance coverage, which may include a commercial umbrella policy.

With over 40 years of experience serving the Fruitland area, Mann & Gray Insurance Associates is ready to help your business protect itself with suitable commercial umbrella coverage.

What Is Commercial Umbrella Insurance?

Commercial umbrella insurance may be a vital element of any business’s insurance portfolio. This type of coverage provides an additional safety net across many common risks and exposures and serves as a backup if incidents exceed the coverage limits of other insurance policies, such as the following:

·        General liability—If you are responsible for an incident on your premises and lack adequate coverage for the losses and damages, a commercial umbrella policy can render additional financial aid.

·        Commercial auto—If your business is responsible for a traffic accident and the other party’s damages exceed your coverage limits, commercial umbrella coverage can compensate for the deficiency.

·        Employer’s liability—If an employee alleges your business is responsible for their work-related injury or illness and your legal fees exceed coverage limits, your commercial umbrella insurance may be able to provide further financial assistance.

In general, commercial umbrella insurance can provide critical financial assistance for the following expenses:

·        Medical care

·        Repairing or replacing damaged property

·        Legal representation

·        Judgments and settlements

Who Needs Commercial Umbrella Insurance?

Given that all businesses face inherent risks and exposures, commercial umbrella insurance should be considered. This type of coverage may be of particular importance under the following conditions:

·        Your business engages regularly with the public.

·        Your business makes frequent use of motor vehicles.

·        Your business is part of a high-risk industry, such as construction or manufacturing.

In addition, your company may also be compelled to acquire this type of insurance when pursuing contracts. In order to submit a bid, clients may require significant liability coverage, and an adequate commercial umbrella policy can help your business qualify.

Get the Right Coverage

Even businesses that have already obtained a robust and diverse insurance portfolio may need to reassess and augment their coverage. Commercial umbrella insurance provides policyholders with what may end up being critical aid in the aftermath of an incident. Without this additional layer of protection, your company may lack the resources it needs, and the financial impact of even a single event could have irreparable ramifications.

The agents of Mann & Gray Insurance Associates are ready to help. Contact us today, and we will analyze your business’s specific circumstances to determine your coverage needs and develop an ideal commercial umbrella policy.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.