Umbrella Insurance

An umbrella policy provides protection above the limits available in your traditional policies – think of it as insurance on top of your insurance. It can protect you in the event of an excessive lawsuit or large claims where your primary insurance may fall short.

Commercial Umbrella Insurance for Catastrophic Liability Events

You’re a responsible business owner and have good general liability insurance, right? You’re covered for slips and falls and personal injury risks. You’re also covered for your business auto liabilities with a commercial auto policy. You have a top-tier insurance company providing you with these and other key liability coverages. What’s there to worry about?

One look at the recent headlines could be enough to answer that question. Nuclear verdicts – in the tens and sometimes hundreds of millions of dollars – are more commonplace. Litigation funding firms – companies that pay for a plaintiff’s lawsuit for a piece of the settlement – are ever-more popular and are expected to continue. There is anti-business sentiment among jurors, looking for those with deep pockets to pay up. All this has led to more lawsuits and larger judgments and settlements.

If your business were hit by a big claim or a single occurrence that injured multiple people, would you have enough in liability coverage to step in and pay your legal bills and any settlements or judgments for which you were held responsible?

A commercial umbrella insurance policy provided by one of Brooks, Todd & McNeil’s many carriers, provides protection above the limits available in your traditional standard policies – think of it as coverage limits above your standard insurance policies. It can protect you in the event of a catastrophic loss, including an excessive lawsuit or large claims where your primary insurance may fall short.

Commercial/Business Umbrella Policy

Businesses can be at great risk for costly claims and lawsuits and therefore should seriously consider an umbrella policy for additional protection. Just like personal umbrella insurance, a commercial umbrella policy helps cover the gap when a claim exceeds the policy limits of the standard policy. Without an umbrella policy, a business may face costly legal fees and damage expenses.

Here is an example of when an umbrella policy can save a business from costly financial exposure. Let’s say a customer slips on some water from a leaky pipe inside your establishment and suffers a severe back injury resulting in expensive medical bills and lost wages. A lawsuit may mean damages that exceed what is in your general liability policy, exposing your business to a costly payout to cover the entirety of the claim. An umbrella policy in this case may help cover the additional legal expenses and hefty claim cost against your business from this accident.

Here is another example. Let’s say your business transports goods and one of your truck drivers is negligent while driving during work hours causing a horrific multi-car accident on the highway. The physical damage to the other vehicles, bodily injuries of the third parties and legal fees may be substantial. Your umbrella policy may help cover the costs that exceed the amount in your liability policies. Catastrophic events such as this can put the entirety of your business at risk if you are not protected.

Wondering just how vulnerable you are and how much additional coverage you need? Fill out this quick and easy form to get you started and then talk with a Brooks, Todd & McNeil agent about getting the coverage that keeps your business protected.