Business Umbrella Policy
Umbrella liability insurance provides an extra layer of protection against bodily injury and/or property damage. Essentially, it picks up where your business auto liability, general liability or other liability coverage stops.
A commercial umbrella policy serves 2 distinct purposes:
- It increases the liability limit that your company already has in existing, or underlying, liability policies. For instance, if your general liability policy offers $1 million coverage per occurrence or $2 million total, you could get a $2 million umbrella policy and increase those limits to $3 million per occurrence and $4 million total.
- It broadens coverage for things that your underlying policies may not cover. For instance, if your auto liability policy covers accidents that might occur in a specific area, an umbrella policy could expand the coverage territory.
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply. Discounts may not be applied to all policy coverages.