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Umbrella liability insurance for small
businesses, also known as excess liability
insurance or commercial umbrella insurance,
provides additional protection when your
business exceeds insurance limits on an
underlying policy.
How does umbrella liability insurance protect
your business?
For a single premium, umbrella liability or
excess liability policies add another layer of
protection to any of several other policies that
you might hold, including general liability,
employer's liability, and hired and non-owned
auto liability policies. For instance, if you
have $1 million in general liability coverage
and a covered claim is settled for $1.5 million,
your small business’s umbrella liability
insurance policy would pick up the additional
amount.
Excess liability insurance is generally the most
affordable way to get higher policy limits on
several other small business insurance policies.
However, you should note that umbrella liability
insurance does not extend the coverage limits on
an errors and omissions or professional
liability policy.
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