There will always be rain
Excess Liability Insurance, better known as Umbrella insurance, is the end-all be-all of special coverage policies. This is the insurance a company chooses to get itself ready for the risks involved with high-growth and serious competition.
With our umbrella coverage, you can limit the effects of potential risks that standard business policies aren’t able to cover, and some things that even other specialized business policies can’t handle.
[Who needs umbrella coverage?]
All types of companies are at risk from lawsuits, damages, and other liabilities, which can easily exceed the standard business policy coverage. You should consider the cost of an Excess Liability Insurance policy and compare it to the dollar amount of coverage you gain from it. Many choose to add umbrella coverage to their existing policy because of the benefit of being protected from disastrous scenarios that would ordinarily lead to bankruptcy.
The additional benefits gained from this insurance function in much the same way a dual policy would.
1. You’re covered for liability claims that exceed the limits of your existing policy.
2. You are covered for different liabilities
Excess Liability Insurance is also able to provide additional coverage by way of Self-Insured Retention or SIR. This is basically a dollar amount that functions in a similar way to a deductible. The SIR will vary depending on the situation and state insurance regulations are also factored in, but it starts at $10,000. So, if your umbrella coverage is being used on things that are not otherwise covered, it will activate when you reach the amount set for your SIR.
If your business has special needs that have to be met to ensure your success, then you might think about how you can get the same special coverage, but with fewer policies, which saves you money.
See about getting your business complete coverage today. Call Associated Insurors at 256-766-7773.
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