Commercial Umbrella Insurance
Commercial umbrella coverage is a type of insurance that provides additional liability protection for businesses. It is designed to supplement the liability coverage provided by other types of insurance policies, such as commercial auto insurance or general liability insurance.
Commercial umbrella coverage kicks in when the limits of the primary liability coverage have been exhausted. For example, if a business has a commercial auto insurance policy with a liability limit of $1 million, and an accident causes damages or injuries totaling $1.5 million, the commercial umbrella coverage would provide an additional $500,000 in coverage (subject to the policy coverage limits) to protect the business from financial losses.
Commercial umbrella coverage can protect businesses from a variety of potential liabilities, including:
- Accidents involving business-owned vehicles
- Slip and fall accidents on business property
- Lawsuits related to business operations or products
- Advertising injuries (such as defamation or copyright infringement)
An example of a situation in which commercial umbrella coverage might be useful is if a business owns a fleet of delivery vehicles and one of the vehicles is involved in a serious accident that causes significant damages or injuries. The business's commercial auto insurance policy may not provide enough coverage to fully protect the business from financial losses, but the commercial umbrella coverage would provide additional protection.
Another example might be if a business is sued for defamation or copyright infringement as a result of advertising activities. The business's general liability insurance may not provide sufficient coverage for these types of liabilities, but the commercial umbrella coverage would provide additional protection.
It is important to note that commercial umbrella coverage may not cover all types of liabilities. It is advisable to carefully review the terms and conditions of a commercial umbrella coverage policy and to consult with a trusted insurance professional to determine the coverage that is appropriate for your business.
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