If you consider risk exposures for a company, liability is typically always at the top of the list. Finished products, services provided, vehicles on the road, are all exposures that can trigger a liability claim.
Underlying policies provide foundational coverage, but this may not be enough in the event of a catastrophic event. Third party allegations are increasing and defense costs are getting more expensive.
Liability insurance for business owners is critical in our litigious society. An Umbrella policy provides higher limits of liability coverage to extend over General Liability, Auto Liability, Employers Liability, Liquor Liability and Workers Compensation.
These events cannot be predicted or sometimes even prevented. An Umbrella policy is approximately $500-$1,500 per million in coverage, depending on exposures.
The unknown of risk is always possible, but aligning your Umbrella policy to properly reflect your assets will help provide peace of mind and continued success.
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