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Like a personal umbrella policy, a business umbrella policy covers a catastrophic loss and can potentially save a business from huge financial distress. Often, it can be the difference of staying in business or going out of business.
Umbrella liability insurance for your business will protect you when a covered claim occurs and your existing liability policy cannot cover all the expenses. The standard business liability policy is typically adequate for most situations, but umbrella liability will help ensure that your business is protected for large losses. Owning a business is risky, but going without proper insurance is riskier. No one wants to be sued, but because accidents occur, sometimes lawsuits are unavoidable.
Consider these possibilities:
A truck driver caused a fatal head-on collision with a driver that led to her death. The company who owned the truck was held responsible and the lawsuit resulted in a verdict of $280,065,000 to be paid to the remaining family members.
An 18-year-old girl was hit by a truck driver who initially fled the scene. The jury determined that the pickup truck driver was intoxicated at the time of the accident and that his intoxication was a contributing legal cause of the girl’s injuries. The restaurant that served the truck driver alcohol was held liable and $30,840,015 was to be awarded to the teenager.
Children of a deceased couple filed a law suit against Company B, claiming that the heater they produced was the main cause of the fire that resulted in their parents’ death. The verdict of this products liability lawsuit was $36,240,000.
Commercial Umbrella Liability Insurance Options in Dallas, Texas
Business umbrella policies are inexpensive and picks up where your business auto liability, general liability or other liability coverage stops. Umbrella insurance provides extra coverage against bodily injury and/or property damage.
For example: Your current policy covers you for $1 million and you are successfully sued for $1.5 million, your business umbrella coverage would pay the outstanding $500,000 – For most, this is the difference between losing your business or staying in business.
To determine the amount of commercial umbrella insurance coverage you need, a variety of factors are considered, such as the type of business you own and the coverage that is currently in place.
We will discuss with you the details of a commercial umbrella policy to help you make an educated decision about your small business needs. We can also let you know if there are other types of additional coverage that would be more appropriate, like excess liability coverage. Talk to a Kevin Lee Company agent today. We will answer your questions and help you gain the knowledge you need to make the best decision for your company.