What is FL Commercial Umbrella Insurance?
If you own a small business, you might occasionally wonder if your existing insurance coverages are enough to fully protect you against a liability claim. Maybe you feel like something's missing—almost like you've forgotten something.
If you don't carry commercial umbrella insurance, you're right to worry.
Let say your business was judged legally liable for an accident that occurred on your premises and you are ordered to pay, would your general liability insurance be enough? Or would you be stuck paying the remainder of the costly bill?
Commercial Umbrella Insurance from Bird Insurance Agency provides businesses with additional liability coverage to help protect them against the potentially ruinous costs of claims. Significant assets can be at risk when businesses are the target of lawsuits. If the cost of a claim exceeds the limits of a business’s underlying primary insurance policies, Commercial Umbrella Insurance extends liability coverage for an additional layer of insurance to further protect business assets.
What does Umbrella Liability Insurance Cover?
Carrying general liability insurance is a responsible move, but every business needs coverage above and beyond basic policies. That's where commercial umbrella insurance comes in. Commercial umbrella liability insurance protects you when accidents happen, and your existing liability insurance policies cannot cover all expenses.
In most situations, standard business liability coverage will be able to take care of you. But when serious situations arise, umbrella liability insurance will help ensure that your business is protected. A commercial umbrella insurance policy will help protect a business when accidents such as the following happen:
- A customer slips on a wet floor in your office and injures himself. The medical costs of the injuries exceed your general liability policy’s limits.
- An advertising error results in major lawsuits against your business with costs that exceed your primary business liability insurance coverage limits.
While no one wants or truly expects accidents to happen, they do—and people sue over them; it’s just an unfortunate fact of life