No two businesses are alike. Professional practices, such as a veterinary office or a law firm, operate very differently than an auto body shop full of machinery. Their respective liability insurance needs are different, too.
We tailor commercial umbrella policies to the needs of different businesses. Owners of an auto body shop might need an umbrella policy to offer expanded coverage for garage liability, but a law practice that entertains clients might need expanded liquor liability limits.
When you meet with an agent to discuss umbrella insurance policies, request a quote that is customized to meet the specific needs of your business.
How commercial umbrella insurance works
Commercial umbrella policies serve two distinct purposes.
It expands the limit that your company already has in its existing, or underlying, liability policies. If your general liability policy offers $1 million coverage per occurrence or $2 million total, you could expand those limits to $3 million per occurrence and $4 million aggregate with a $2 million umbrella policy.
It also broadens coverage for things that your underlying policies may not cover. If your auto liability policy covers accidents that might occur in a specific area, an umbrella policy could expand the coverage territory.
Have this information ready for your umbrella quote
Your agent will want to know about your business and your current level of insurance. To get a customized umbrella policy quote, be sure to have:
- The financial and operational details of your business.
- A copy of the declaration page of your current general liability and business auto insurance policy (if you have them).
- Any prior losses your company has experienced. Keep in mind that a loss doesn’t necessarily mean your premium will be higher.
- A list of the company’s officers, their positions and experience if they are different from the owners of record. Typically, the longer and more successful the company’s overall record, the better the risk for the insurer and the lower the premiums.
- Annual payroll and a breakdown of employees who are full-time, part-time, subcontractors or consultants.
Be sure to mention whether you carry professional liability, errors or omissions liability, liquor liability, employee benefits liability or employment practices liability insurance.