What is Commercial Umbrella Insurance?

Businesses have many options to choose from when it comes to insuring their company. Everything from general liability to workers’ compensation helps protect the business owner from anything that may and can happen. However, the different insurance options have limits as to how much is paid out. When there is a large claim, and the policy has paid everything it is supposed to, the Columbia, IL business owner is left responsible for the remaining amount. Where other policies stop paying is where commercial umbrella insurance comes to the rescue. 

Reach out to the experts at Taake Insurance Agency for more details about how commercial umbrella insurance can provide you the added protection your business needs. 

What is Commercial Umbrella Insurance?

Commercial umbrella insurance provides business owners with extra coverage to help pay for costs they are liable for beyond their general liability insurance limits. Anything you would have had to pay out of pocket for liability claims are covered by a commercial umbrella insurance policy. Payouts from an umbrella insurance policy include legal costs, medical bills, damage to someone else’s property, judgments, and settlements. 

How Does Commercial Umbrella Insurance Work?

When general liability insurance limits are met, the commercial umbrella policy extends those limits, providing additional coverage. For example, an employee is in a car accident with a company vehicle, and your company is held liable for the employee’s injuries and the damage to the other car and the injuries for others in the accident. Chances are, the costs are more than the limits on your general insurance policy. Your umbrella insurance policy protects you and your business by paying the amount after the other policies stop paying. 

Columbia, IL business owners should consider purchasing umbrella insurance. Call Taake Insurance Agency today for additional information about commercial umbrella insurance coverage.