Commercial Umbrella Insurance
No matter how careful you are, sometimes accidents occur that are beyond the scope of your everyday coverages. That's why Asian American Nations Insurance Group offers a policy specifically designed to safeguard our valued business customers.
Commercial Umbrella Liability Insurance provides critical financial protection over and above the liability limits of standard commercial policies. What's more, it covers certain types of losses not usually provided by basic insurance—protecting you at the time when you need it most.
With the security and protection of our $1 million to $25 million umbrella insurance plan, the financial goals you're working hard to attain won't be jeopardized by an unexpected accident or legal suit.*
What is a Commercial Umbrella Liability policy?
The commercial umbrella liability policy is an insurance contract designed to accomplish two goals. The commercial umbrella liability policy increases the liability protection beyond what the policy owner already has in his or her basic insurance policies. Better liability protection is attained through the purchase of a commercial umbrella policy.
How do I know if I need a commercial umbrella liability policy?
It used to be that the only businesses who needed commercial umbrella liability policies were wealthy who had sizable amounts of assets that would be at risk in a lawsuit. However, in our very litigious society, many people are realizing that they have a need for more liability insurance than what is provided under their standard insurance policies. The commercial umbrella policy is ideally suited to provide this protection.
What is "commercial umbrella coverage" and what does it do?
Commercial umbrella coverage is designed to provide additional commercial liability protection above your regular liability limits, while you maintain the underlying limits on the above policies.
You are commonly required to carry at least $500,000 liability on your automobile policy and $1,000,000 liability on your general liability policy. If you are sued and found negligent, these primary policies will pay for a judgment against you. However, as the dollar amount of awards have been on the rise in recent years, the primary policy might not be enough to cover the granted award.
With a commercial umbrella policy you can obtain additional protection of $1 million to $25 million, which will pay any additional amount of the award after the primary limits have been paid out.
To learn more about Commercial Umbrella Insurance
and to get sound insurance advice contact us today.
