Commercial Umbrella Insurance
Do You Need Commercial Umbrella Insurance?
Commercial umbrella insurance is a type of liability insurance designed to protect business owners and individuals in the event of a catastrophic financial loss. It provides additional coverage that goes beyond traditional business insurance policies such as general liability, professional liability, and workers’ compensation. Commercial umbrella insurance can be used to cover the cost of legal defense fees, settlements, judgments, and other expenses related to a covered loss. It can also provide protection for personal assets, including the individual’s home and other valuable items. When purchasing commercial umbrella insurance, it is important to understand the limits of coverage and which risks are excluded from the policy.
Commercial umbrella insurance provides peace of mind in knowing that business owners and individuals are protected should a large financial loss occur due to a lawsuit or other catastrophic event. It can be an invaluable asset to any business or individual, providing protection against potentially devastating costs.