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Excess Liability (Umbrella) Insurance
Excess Liability Insurance (ELI), more commonly known as Umbrella Insurance, is one of the most important types of insurance your company can secure. It adds additional limits of coverage as well as protects your business from potential coverage gaps or reduced limits in your primary liability policies. Just as you carry an umbrella to protect you from a potential downpour, Umbrella Coverage protects your company from catastrophic claims that could close your business.
Businesses choose Umbrella Coverage to increase the amount of insurance contained in their primary liability policies- commercial general liability, business automobile, workers’ compensation employer’s liability, and professional liability. Umbrella Coverage adds additional liability protection to not only cover exceptionally large single occurrences, but to increase the total amount of annual coverage available in the policy year. Without Umbrella Coverage, large events are financially devastating to most companies. And, Umbrella Policy costs are well less than those of increased primary policy limits.
Who should consider Umbrella Coverage?
All companies benefit from Umbrella Policies because it extends coverage so dramatically at a relatively small additional cost. The amount of coverage needed depends on the total value of your assets- because that’s what you’re exposed to in a lawsuit. Here’s how it works:
Following an at-fault automobile accident, a jury orders your business to pay $3 million in damages, but your general liability policy has a $1 million limit. Your company is responsible for the additional $2 million out of your pocket! However, a $2 million Umbrella policy will step up to cover the difference.