Although a robust insurance portfolio can often provide policyholders with adequate financial protection, there may be times when additional coverage is necessary. For example, a loss that exceeds the policy limits of a liability insurance policy could result in devastating out-of-pocket costs. Fortunately, commercial umbrella insurance can make all the difference. 

Since 2009, Advance Insurance of Northwest Florida has operated with the mission of helping individuals, families and businesses in the Pensacola area protect themselves with optimal insurance solutions. 

What Is Commercial Umbrella Insurance? 
Commercial umbrella insurance serves as a form of backup coverage that provides additional financial assistance if the limits of your business’s primary liability insurance policies, such as the following, are exceeded: 

• General liability—If an incident involving a third party, such as a customer or guest, occurs on your premises and the resulting damages exceed your policy limits, commercial umbrella insurance can supplement your coverage.
• Commercial auto—If your business is liable for losses and damages arising from a traffic accident, a commercial umbrella policy can help pay for costs that exceed the limits of your commercial auto coverage.
• Employer’s liability—If an employee is injured on the job or develops a work-related illness and alleges that your business was responsible, commercial umbrella coverage can provide financial assistance for legal costs. 

In general, commercial umbrella insurance helps policyholders pay for the following expenses: 

• Medical treatment
• Repairing or replacing damaged property
• Legal costs (e.g., defense, settlements, judgments) 

Who Needs Commercial Umbrella Insurance? 
Businesses of all sizes and sectors can benefit from having commercial umbrella insurance. Accidents happen, and no business is immune from a lawsuit that exceeds its existing liability policy limits. However, the risks and exposures of every company are different, so insureds should assess their risk tolerance. For example, businesses that engage with the public, use motor vehicles or operate in a high-risk industry, such as construction or agriculture, would have a higher liability risk than a company with only office exposures.  

Get the Right Coverage 
When it comes to your business’s finances and future, it’s better to be safe than sorry. Commercial umbrella insurance provides an extra layer of protection that can offer critical assistance following a particularly severe incident. Without this additional coverage, your out-of-pocket costs could derail your business’s current operations and future growth. 

At Advance Insurance of Northwest Florida, our agents have the expertise and experience to protect your business. We will work with you to analyze your unique circumstances and craft an ideal commercial umbrella policy. Contact us today to get started. 

 

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