Umbrella insurance is very helpful to protect a business owner because it extends the policy limits of underlying policies and may provide coverage for things that are not covered by other policies.
Umbrella Insurance Increases Policy Limits
Umbrella insurance is more effective than trying to raise all the policy limits of the underlying policies. A business owner may face the risk of a lawsuit that comes from a reason that is not expected. If the insured claim is more than an underlying policy limit, then, after the limit is passed of the underlying policy, the umbrella insurance may provide additional protection. If the claim is covered by the umbrella policy, then, the extra amount of the claim up to the limit of the umbrella insurance is available to protect the business owner.
Umbrella Insurance Provides Additional Protection
Umbrella insurance may also provide protection for things that may not be covered in other policies. Talk with your agent at XL Brokerage Inc. serving Selden, NY and the nearby communities to discuss the specifics.
These policies can be customized to provide protection for things like a defamation lawsuit for libel and slander. They may protect against lawsuits about harassment, discrimination, and wrongful termination. Some umbrella insurance has protection for legal fees and expenses including protection against frivolous lawsuits.
Custom Insurance Programs
If your business needs special coverage such as cyber-attack protection and protection from terrorist attacks, then umbrella insurance may be available for these needs. Ask your agent to conduct a comprehensive commercial insurance review. Your agent will look for gaps in coverage that may be protected by customized umbrella insurance.
Commercial insurance that provides adequate protection includes umbrella coverage that all business owners should have. The amount of umbrella insurance that is appropriate depends on the net worth of the business owner and the estimate of any claim for any lawsuit that might happen.
Contact your agent at XL Brokerage Inc. in Selden, NY to get an insurance review and a quote for umbrella insurance coverage.