Supplement your business policy with commercial umbrella insurance for when you go over your limits.
The best backup for your business to have.
Commercial umbrella insurance is all about going one step further. It’s an added layer of protection that kicks in if the very worst happens with your business insurance policies.
Kicks in when surpassing your payout limit.
Most business insurance policies–whether they cover commercial liability or commercial property–have a payout limit. Normally, your business would be on the hook for any expenses above and beyond this limit. This type of unexpected cost is something that could threaten the very survival of your business. A commercial umbrella policy kicks in only if your main business insurance policy reaches the payout limit. At that time, the commercial umbrella policy would pay out the remaining costs.
Real world example of how commercial umbrella coverage works.
For example, let’s say you have a liability insurance policy of $500,000 for your business, but you must pay damages of $700,000. If you have a commercial umbrella policy in place for your business, the liability insurance policy will pay out in full first, and then the umbrella policy will pick up the remaining $200,000.
What can be covered by a commercial umbrella policy?
Your commercial umbrella policy may cover the costs of legal fees, medical expenses, and damages for liability issues such as bodily injury and property damage.
Do you need an umbrella policy for your business?
There are certain risk factors to consider, including public access to your business, how often you work with your clients, and if you perform work at other locations.
A worthwhile investment that’s affordable.
The beauty of commercial umbrella insurance is that, because there’s a relatively low chance it will need to pay out, it’s often considerably cheaper to purchase than you might expect.
Commercial umbrella insurance is a great way to further protect your assets. Reach out, and we’ll help you to determine if it’s right for your business.
Does Rue Insurance have an expertise in commercial property insurance?
How does Rue Insurance approach commercial property insurance?
Our approach focuses on helping businesses manage risks created by inflation, tightening markets, and operational change. We review property values, exposure shifts, contracts, and loss trends to help ensure coverage reflects how your business operates today.
Learn more: 6 Trends Affecting Commercial Property Insurance
https://www.rueinsurance.com/blog/6-trends-affecting-commercial-property-insurance/
Why are many New Jersey, Pennsylvania, and New York businesses underinsured?
Rising construction costs, labor shortages, and supply chain disruptions have increased property replacement costs. Many organizations are unintentionally underinsured because property valuations and limits have not kept pace with inflation. If your organization has not had an advisor review your insurance policy limits recently, there is a high likelihood that you will not receive the funds needed to return your business to normal following a major claim. Working with an experienced advisor like Rue can help keep your business up to date with the latest changes in insurance coverage and replacement cost values.
Learn more: Commercial Property Insurance Insurance to Value Explained https://www.rueinsurance.com/blog/commercial-property-insurance-insurance-to-value-itv-explained/
Let’s Get Started
Commercial Umbrella Insurance Information Request
Don’t like forms? Contact us at or .
