Commercial Umbrella Insurance in California, CA
It’s better to be safe than sorry when it comes to your organization’s financial wellness and stability. Certain risk management and loss control measures may at times appear unnecessary, but these instruments could make all the difference following particularly impactful accidents or errors. Even a single excessive incident could jeopardize your organization’s future if you lack adequate preparations. With this in mind, commercial umbrella insurance may be an essential investment.
Commercial umbrella insurance is a type of business insurance that helps cover liability claims that exceed the limits of a company’s other insurance policies.
Contact our agency to learn how commercial umbrella insurance can help provide financial protection for your organization.
Who Needs Commercial Umbrella Insurance?
Any company with exposure to potential liability claims may benefit from having commercial umbrella insurance. Without it, an organization may have to cover the amount of a claim that exceeds a policy’s liability limits.
Businesses that purchase commercial umbrella insurance typically have high liability risks. They may need additional financial protection across all of their liability insurance policies.
What Is Commercial Umbrella Insurance?
Commercial umbrella insurance can generally be considered a form of backup coverage. Although your business may already have purchased various insurance policies that appear capable of protecting it from various risks and incidents, the additional layer of financial security provided by commercial umbrella coverage should be strongly considered.
How Does Commercial Umbrella Insurance Work?
In many cases, your insurance policies may include coverage limits. This means that even for covered losses, you may only be able to access certain financial assistance before paying the excess out of pocket. Given this reality, particularly significant incidents, such as those resulting in catastrophic property damage or long-term injuries, could incur immense financial consequences despite your existing insurance policies. However, by having commercial umbrella insurance as a form of backup coverage, you can access additional aid for losses that exceed other policies’ coverage limits.
What Does Commercial Umbrella Insurance Cover?
Although the exact details of a commercial umbrella insurance policy may vary, this type of coverage typically includes financial assistance for the following:
- Medical costs
- Property repair or replacement expenses
- Legal costs (e.g., representation, court fees, settlements and judgments)
Commercial umbrella insurance may provide essential financial assistance if losses exceed the coverage limits of the following types of policies:
- General liability insurance
- Commercial auto insurance
- Employer’s liability insurance (usually included in workers’ compensation insurance)
How to Get Commercial Umbrella Insurance
Contact Ranch and Coast Insurance Services today to get the commercial umbrella insurance you need to provide additional financial protection for your organization.