Commercial Umbrella Insurance

In this episode, we dive into the topic of commercial umbrellas and their significance in business insurance. Our host discusses how the landscape has changed over the years and why it is crucial for businesses to have adequate coverage.

Commercial umbrellas serve as excess liability policies that provide additional protection over general liability, auto liability, and employer's liability. Our host explains how these policies work and the benefits they offer in the event of a claim.

Previously, commercial umbrellas were seen as a formality, with insurance companies offering high coverage limits at low costs. However, the narrative has shifted, and obtaining higher umbrella limits has become more expensive and challenging.

Our host addresses the common question of how much umbrella limit businesses should have. While there is no one-size-fits-all answer, factors such as peace of mind, project requirements, affordability, and the value of the business are considered.

It is emphasized that cost should not be the sole determining factor when deciding on umbrella limits, as this coverage plays a vital role in protecting businesses from catastrophic losses.

The insurance industry has witnessed significant changes in recent years, with an increase in multimillion-dollar claims and lawsuits. It is crucial for businesses to stay informed and ensure they have the right umbrella limits to safeguard their operations.

Tune in to this episode to gain valuable insights into commercial umbrellas and make informed decisions about your business insurance coverage.