Umbrella Liability is named such because it covers your business like an umbrella, providing additional insurance protection beyond the limits of your general liability policy. For example, if your general liability policy provides $1 million, but a claim settlement provides for $1.5 million, your umbrella policy would provide the additional $500,000. This is similar to the type of protection you may already have with your personal insurance; umbrella liability does the same thing, but for your business. You can add umbrella liability coverage to your general liability, auto, hired and non-owned auto liability, and employer's liability policies. It is important to note, however, that umbrella coverage cannot be used to supplement your professional liability insurance.
In our increasingly litigious society, more and more companies are purchasing excess liability/umbrella coverage. In the 1980s, multi-million dollar court awards were the exception--now they are quite common. A single event without the proper insurance protection could have devastating results on your business. Contact us to find out how we can integrate all of your insurance coverages, including umbrella liability.