Commercial Umbrella Insurance
Throughout the lifetime of your business, accidents are going to happen. The inevitability of these incidents is burdening to your business, especially when your general liability insurance (GLI) reaches its limit. commercial umbrella insurance is a protective backup to have as a safeguard against damages incurred.
What Does Business Insurance Do?
Commercial umbrella insurance serves two purposes. The main one being that it picks up where your General Liability Insurance drops off. For instance, if your business is found liable for the injury of a customer who is harmed on your property and they sue, your GLI would take on the damage. If they sue for $2 million and you are only insured for $1.5 million, you are now responsible for paying $500,000 out of pocket. However, if you have a commercial umbrella insurance policy for $1 million, then the remaining $500,000 is covered, thereby allowing you to walk away without paying anything.
The second purpose of commercial umbrella insurance is to extend your coverage. If you have a policy on your automobile that only covers specific areas, your commercial umbrella insurance could potentially increase what is covered to protect you and your vehicle. Commercial umbrella insurance is very valuable to have for your business. A few examples of what it protects against include:
- Products injuring a customer
- Company vehicles in an accident
- Accidental slip and falls in your place of business
- Fire in your business spreading to nearby properties
Customizing your Commercial Insurance Policy
Since every business is different, being able to customize your policy ensures that your needs are met in full. A taxi company may have a policy for general liability, but may want to have umbrella insurance that extends coverage to auto liability for the vehicles. Customization gives you sound peace of mind in knowing that the specifics of your business are attended to as needed.
Get Your Policy with Keys Insurance Services
The expenses of a lawsuit can be draining on a business and your coverage may not stretch as far as you think. Therefore, you shouldn’t risk your company by continuing without a commercial umbrella insurance policy. With over 30 years of experience, Keys Insurance Services can work with you to guarantee the protection you deserve. If you are interested in defending your Florida operations, get a quote today by calling us at 305-743-0494.