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Umbrella/Excess Liability Insurance for Your Business

Standard Liability insurance policies, such as General Liability and Commercial Auto Liability, provide you with the protection you need in the event of an accident or injury at your premises or with vehicles used for company business. The liability amounts on these policies will respond for covered losses, but when a catastrophic loss occurs, the amounts may not be enough to cover high settlement and judgment damages, which can upend your company’s ability to financially recover.

 

Umbrella/Excess Liability insurance from ISU-The Olson Duncan Agency will step up in the event of a multi-million-dollar lawsuit.

Under A Commercial Umbrella

Commercial Umbrella insurance, also referred to as Excess Liability, provides coverage when a liability claim goes above the aggregate limit of liability and the basic policy limits are exhausted. For example, let’s say you have General Liability policy with limits of $1 million and a judgment is rendered against your company for $2 million for a serious injury that occurred on your premises. Once the limits on your General Liability have been exhausted without the extra coverage an Umbrella/Excess policy can provide you would have to kick the other $1 million from your company assets. With an Umbrella/Excess Liability policy, you would have the coverage to cover the judgment or settlement.

 

Our staff will review in detail how the policy works and help determine the amount of Excess Liability coverage you need to feel financially secure, depending on your risk profile and how much you can afford to pay out-of-pocket, in the event of catastrophic liability loss.

Our Value

At ISU-The Olson Duncan Agency, we look to provide clients with a total solution, not simply a quote or an insurance contract. Our goal is to provide real value and build a long-term relationship based on trust. This is underscored by the fact that we provide our clients with their risk management and insurance solutions, including property & casualty, employee benefits and personal insurance. To find out more about how we can help you, call us at (310) 373-6441.