Do you have enough coverage with your current commercial insurance? If you’re worried that your Federal Way, WA business would suffer in case of a true emergency, maybe an umbrella insurance policy is just the kind of additional coverage you need.
Insurance providers like Hart Insurance offer extra protection for your business. Read on to learn how umbrella insurance can be of use to you where your business is concerned.
What Commercial Umbrella Insurance Covers
It’s important to distinguish personal umbrella insurance from that which is meant specifically for commercial coverage. While a personal umbrella policy can cover any assets outside of your business, you need a commercial policy to ensure any aspect of your business.
Commercial umbrella coverage can extend the limits of your general liability, employer’s liability, and commercial auto insurance policies. That is to say, if you have these underlying policies, and your needs exceed their payout limit, a commercial umbrella policy can kick in.
Since liability lawsuits and worker’s compensation cases can be costly on your business, an umbrella is necessary for the protection of your assets.
What Umbrella Insurance Won’t Cover
Umbrella coverage can only protect some aspects of your business. It cannot supplement certain types of policies.
For instance, if you have professional liability insurance (such as malpractice insurance for doctors), you can’t use an umbrella policy to supplement it.
Also, you cannot use umbrella insurance to supplement a commercial property claim. So in other words, if your place of business was broken into, your umbrella insurance cannot supplement your commercial property liability policy.
Keep In Mind
You should remember that commercial umbrella insurance is only a type of supplementary coverage. As great as it is in general, it cannot protect your business on its own. For instance, you can’t use an umbrella policy to pay out in a general liability claim if you don’t have general liability insurance in the first place.
Simply put, umbrella insurance expands your coverage, rather than offering you primary coverage outright.
Ready For Additional Protection?
Your business is a valuable asset. Contact Hart Insurance to explore how umbrella insurance can expand and protect it. We are happy to answer any questions or give you a quote based on your Federal Way, WA business and its supplementary needs.
