What does commercial umbrella insurance cost?

What is Commercial Umbrella Insurance?

What Does a Commercial Umbrella Insurance Policy Cover?

Commercial Umbrella Insurance (aka excess) liability insurance is an important source of protection that supplements the limits of an insured’s underlying policies such as general liability, automobile liability and employer’s liability. To a business, especially a small business, commercial umbrella insurance coverage acts as a safety net. Their existing liability policies are their first line of defense, followed by an umbrella policy that provides an extra layer of protection on a claim that exceeds the limits of a primary policy. Commercial umbrella insurance picks up any slack. Umbrella insurance for New York businesses, or in any of the other 18 states that Grillo & Associates are licensed to write policies, offers the peace of mind and complete coverage that every growing enterprise requires.

A Commercial Umbrella Insurance policy also protects insureds from exclusions and gaps that exist in their primary liability insurance. Covered causes of loss that are not normally included in primary policies are subject to a self-insured retention (SIR), which is the responsibility of the insured to pay. SIRs in the amounts of $10,000 or $25,000 are common. An umbrella policy’s coverage is triggered when the limits of the underlying insurance have been exhausted. Less commonly, an umbrella may also respond to a claim that is not covered by an underlying policy, but only when the loss amount exceeds the self-insured retention.

It wasn’t so long ago that commercial umbrella insurance was only purchased by major corporations to protect their assets against liability claims. Today, even small businesses can protect themselves with this type of policy. Which businesses are ideal candidates for New York umbrella insurance (or Arizona, California, Connecticut, Delaware, Illinois, Maine, Maryland, Nevada, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, or Virginia?) Here are the top reasons smaller enterprises should consider an umbrella policy:

Major Contracts: The majority of small businesses have a $2 million dollar liability policy. When general contractors bid on major projects, they are required to obtain a general liability policy with a higher per-occurence limit. An umbrella policy in the amount of the primary policy’s shortfall would be added to the contractor’s existing $2 million dollar general liability policy.
Your Business Serves the Public: Restaurants and retailers who maintain premises run a greater risk of a liability claim. Should a member of the public sustain injuries while at your establishment and are left with a chronic health issue, your business could be sued for damages to recoup medical expenses. Here again, an umbrella policy in excess of the amount of coverage in your primary policy, will literally have you covered against this contingency.
Your Staff Performs ‘Hazardous Duties’: Installers and construction workers run a greater risk of personal injury while on their jobs. They use saws and other bladed equipment, and lift heavy objects, all as part of their workday, every day. Even if they avoid injury, there is the possibility of a chronic injury developed over time, which can lead to a lawsuit. Here is another instance where an umbrella liability policy, in addition to an existing liability policy, will cover the cost of an attorney, as well as any resulting settlement that exceed the underlying policy’s limits.
Fleet Vehicles: For example, if you run a delivery service or even if you are a home heating contractor, your fleet vehicles could be involved in an accident. As with any vehicular accident, there is the possibility the other drivers involved could sue your business for damages. In this scenario, an umbrella liability policy will cover your legal defense costs after your auto policy maximum is reached. Additionally, this policy will cover settlements or court-ordered judgment paid to the other drivers.

Small businesses and industries that are prime candidates for Grillo & Associates’ umbrella liability policies include: Contractors in the building trades, home remodelers, design consultants, retailers, lawn care, restaurants, handyperson services, restaurants, caterers, technology services, management consultants, engineers, domestic and janitorial services and many more!

A typical commercial umbrella insurance liability policy offers features such as worldwide coverage; personal injury coverage; blanket contractual liability protection (for both written and oral agreements); care, custody, and control coverage; non-owned aircraft liability; watercraft liability; advertisers liability; liquor law liability; XCU liability; and an extension of protection to additional insureds. Most umbrella policies exclude employment practices liability, professional liability, product recall coverage and coverage for asbestos-related claims, pollution, war and terrorism.

Get your commercial umbrella insurance cost estimate today. Give us a call at 800-772-0627.

The Grillo & Associates insurance agency is licensed to write New York Umbrella Insurance as well as in Arizona, California, Connecticut, Delaware, Illinois, Maine, Maryland, Nevada, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia.

We make getting an insurance quote easy.

Click on “Get A Quote Now” or call us at 1-800-772-0627 or (516) 798-0320. Speak with one of our team members about your insurance needs.

Grillo & Associates has a reputation of providing excellent service.

Contact our office today. Our team of specialists will assist you in determining what policy would be best suited for your insurance needs.