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Commercial Umbrella

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Photo by David Barajas on Unsplash

An umbrella policy is created to provide additional coverage for when a liability claim is brought up for injuries, property damage and sometimes negligence. Additional coverage refers to higher/excess limits, or the filling of coverage gaps for underlying policies.

Umbrella policies are a great investment as it can provide additional limits to your business general liability, auto liability, employers liability (which is part of workers compensation), and sometimes Directors & Officers liability policies without taking a huge bite out of your wallet. Coverages and limitations apply by individual carriers; but your Quest Insurance professional will guide you through this process.

Why Does My Business Need Umbrella Insurance?

 

An umbrella policy has three advantages. First, it provides additional lawsuit settlement or damages   coverage for more than the underlying limits (usually $1,000,000 or more). Next, it provides added coverage for defense costs, which can easily amount to $100,000 or more. And finally, it provides liability coverage for certain lawsuits that may not be covered by your underlying business insurance policies.

For example, let’s say a person slips and falls at your business location and sues you. The defense costs and possible damages paid (either by settlement or punitive) may exceed the limits that are in your general liability policy, so once the general liability limits are exhausted, the excess limits will come from your umbrella policy.

Anyone concerned about losing business income or assets in one large lawsuit needs an umbrella policy. You cannot control who you might injure. For example, if you injure a CEO of a large corporation, a professional athlete or a doctor, you could owe for lost wages, medical bills, and pain and suffering. The lost wages alone for those types of people, if they cannot work for 10 years, could start anywhere from $2 million to $3 million, and can reach as much as 10 times that amount. Medical bills might be about $500,000. And then, there is compensation for pain and suffering. It is important to note that an umbrella policy will usually require what’s called a “self-insured retention,” which is the amount of money the insured must absorb before the insurer will pay the umbrella coverage claim.

A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers’ liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).

FAQ'S

What is Commercial Umbrella Insurance?

Commercial Umbrella coverage is a policy designed to provide protection against catastrophic losses when underlying liability policy limits are exhausted by the payment of claims.

How can I obtain the coverage?

By completing an ACORD application for umbrella coverage. This policy assumes you already have an existing, underlying policies.

What is the cost for this type of policy?

The premium cost is dependent upon the carrier’s based rate of the coverage, the type of industry and your claims history.

What are the benefits?

The Umbrella coverage protects your organization against catastrophic losses or multiple claims files during a single policy period.

How much coverage do I need?

This is dependent upon your type of industry, your cumulative business exposure and contractual obligations.

What do I need to implement coverage?

Signed final proposal, underwriting approval and a premium check.

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Statements on this web site as to policies and coverages provide general information only. This information is not an offer to sell insurance. Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site or otherwise, e-mail, voice mail, or facsimile. No binder, insurance policy, change, addition, and/or deletion to Insurance coverage go into effect unless and until confirmed directly by a licensed agent. Any proposal of insurance we may present to you will be based upon the information you provide to us via this online form/application and/or in other communications with us. Please contact our office at 703-961-8886 to discuss specific coverage details and your insurance needs.All coverages are available in the state provided on the proposal. No other state will be covered unless shown. Information provided on this site does not constitute professional advice; if you have legal, tax or financial planning questions, you should contact an appropriate professional. Any hypertext links to other sites are provided as a convenience only; we have no control over those sites and do not endorse or guarantee any information provided by those sites.
  • About
  • Group Benefits
    • Group Medical
    • Group Dental
    • Group Vision
    • Short-Term Disability (STD)
    • Life Insurance / Accidental Death and Dismemberment (AD&D)
    • Long-Term Disability (LTD)
    • Long-Term Care (LTC)
    • Employee Assistance Program (EAP)
    • Travel Insurance
    • Pet Insurance
    • Section 125 Cafeteria Plan
    • Legal Services
    • Consolidated Omnibus Budget Reconciliation Act (COBRA)
    • Qualified Retirement Plan
  • Individual Insurance
    • Individual Health Insurance
    • Individual Dental Insurance
    • Individual Vision Insurance
    • Individual Life Insurance
      • Term Life Insurance
      • Universal Life Insurance
      • Whole Life Insurance
  • Commercial
    • General Liability
      • Pollution
      • Volunteer Coverage
    • Property
    • Professional Liability
    • Workers Compensation
    • Commercial Automobile
      • Garage Keepers
    • Commercial Umbrella
    • Crime
    • Management Liability
      • Directors & Officers Liability
      • Fiduciary Liability
      • Employment Practices Liability
      • ERISA Bond
    • Cyber Liability
    • Constrution Related Coverage
      • Inland Marine
      • Builders Risk
      • Bond
    • Travel Insurances
    • Sports / Travel Related Coverage
      • Amateur Sports / Health & Fitness
  • Auto . Home . Renters
    • Auto Insurance
    • Motorcycle Insurance
    • Homeowners’ Insurance
    • Dwelling Fire/Landlord
    • Renters
    • Condo Unit Owners
    • Builders Risk Insurance
    • Umbrella
    • Travel Insurance
    • Boat
    • Personal Articles Floater
    • Wedding/Special Event Coverage
  • Blog
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