While most business owners feel confident and protected with their standard commercial insurance policies, there are times when sometimes those coverages may not be enough. Hart Insurance in Federal Way, WA knows the importance of preparing for the unexpected when it comes to commercial insurance. A commercial umbrella plan can protect your company from liability claims that could exceed the limits of your commercial insurance policy.
What is Commercial Umbrella Insurance?
Commercial umbrella policies provide additional liability coverage in the event of claim or lawsuit against your company that exceeds the limits of your standard commercial insurance policy. Without an umbrella policy, your business will be required to pay claims settlements, and medical fees that your business is liable above and beyond your policy limits.
What Unexpected Events Can an Umbrella Policy Protect Against?
Some examples of how umbrella coverage can protect your company from significant financial complications are:
- Lawsuits Due to Injury – Injuries that your business may be liable for that cause significant injury, medical complications, or disablement can lead to large claims. The cost of long-term medical treatment, loss of wages, and punitive damages will typically exceed the limits in place in your standard liability policy. An umbrella policy can prevent the company from having to pay these expensive costs out of company cash flow.
- Claims for Errors – Lawsuits from errors in advertising can lead to large lawsuits and sometimes even class action claims. These settlement amounts can become high enough to cause your business serious financial trouble. While your standard commercial policy will provide coverage in the event of a claim, defending against these type of issues or having to pay out multiple claimants can exceed your coverage cap.
If you are a business owner and would like a quote on an umbrella policy, contact the experienced agents at Hart Insurance in Federal Way, WA and get your company the additional protection it needs today.
