Does My Business Need A Commercial Umbrella Policy
Does My Business Need A Commercial Umbrella Policy?
Many contractors who carry general liability insurance are not aware of the commercial umbrella policy or how it works. Usually there is a misconception of what the general liability policy is in place for vs what general liability in terms of a liability claim. The Commercial General Liability typically cover contractors if they are liable for injuries from an operation but what happens if the contractor is being sued for injuries from personal injury if a person claimed that they are offended by something the insured posted online or if a customer was injured on the property and their was a lawsuit where the injuries sustained from the accident is above the limits they carry on their general liability policy or commercial auto policy, the injured party can then come after the insureds assets which would be the insureds Business. Another important thing contractors and all business owners must understand is that the commercial umbrella policy covers a more comprehensive range of liabilities
The Liability Gaps That Commercial Umbrella Policy Covers
Lets Take a Look At Some Of The Liability Gaps That The Commercial Umbrella Covers
- Legal Fees and Cost related issues such as libel and slander.
- Rented Services and contracts may invoke liability that is not covered directly underneath an existing insurance policy.
- Lawsuits and legal fees that may include any business-related legal costs and associated legal damages that are not covered on the General Liability Policy.
To find out how your business can be fully protected in the event of a lawsuit that is outside your general liability policy speak with a representative