Commercial umbrella insurance provides an added layer of protection above the limits of your existing liability policies. Prepare your business for the unexpected and contact us at (844) 501-1359.
You’ve invested in essential coverages to protect your business such as general liability insurance and commercial auto insurance, to protect company vehicles. But have you ever thought about the potential damage to your business, if an unexpected event resulted in losses exceeding the liability limits of your current policies?
Imagine this scenario, a customer gets injured in your store and sues you for $2 million. You’re found liable but the limit of your commercial general liability policy is only $1 million. Without a commercial umbrella, you’d be left paying the remaining $1 million out of pocket, which could pose a significant financial risk to your business.
A commercial umbrella covers claims of property damage your business causes to someone else’s possessions as well as bodily injury, whether it’s to an employee or a customer.
The cost of a Massachusetts commercial umbrella liability policy depends on factors such as:
- the size of your business,
- the risks associated with your particular industry,
- the amount of coverage and
- the number of policies you want to supplement.
Umbrella coverage is affordable. In fact, a commercial umbrella policy offering $1 million in coverage could cost as little as a few hundred dollars per year. Keep in mind, a commercial umbrella supplements your existing liability policies so you must have those coverages in place, to add a commercial umbrella.
For more information on Commercial Umbrella for your Massachusetts business, contact our Commercial Lines Division by calling (844) 510-1359.
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Does my Massachusetts Business Need Commercial Umbrella Insurance?
Commercial umbrella insurance is recommended for all businesses because businesses face large liability risks, such as the risk of being sued by employees, customers and even other businesses. If customers can visit your business, or if your workers conduct business off-site, your liability risk is increased. For example, if you are a general contractor remodeling a kitchen within a client’s home, your workers could accidentally damage the client’s property. A business with commercial vehicles faces the increased risk of employees causing an accident, resulting in injuries to someone else or someone’s property. Each one of these scenarios could result in a lawsuit and defense costs and judgements that exceed limits of a typical general liability policy. Some businesses face more risks than others.
Contact our experienced Commercial Insurance Team to help determine the proper levels of coverage for a commercial umbrella for your business. Request a complimentary quote here on our website or call (844) 501-1359.