In today’s society lawsuits are occurring with alarming frequency, and monetary awards can be staggering. jury awards and out of court settlements routinely run into hundreds of thousands or even millions of dollars.
Commercial umbrellas can be an answer for business owners with significant assets or those especially vulnerable to lawsuits. Umbrellas may provide supplementary coverage for lawsuits, legal fees, and settlements as well as for bodily injury and property damage claims not covered by other liability policies. The cost of an umbrella policy is not a lot compared with the financial impact a potential catastrophic loss could have on your business.
You might say- “we have insurance and general Liability coverage. That should be sufficient. Why would we need an umbrella policy?” In today’s lawsuit are occurring with alarming frequency, and monetary awards can be staggering. Your current insurance will protect your company against a minor misfortune -but it may not give you the needed protection.
HOW MUCH COVERAGE SHOULD YOU TAKE?
Typical commercial umbrella liability insurance policy limits range between $1 million to $5 million but may go higher. As jury awards and out of court settlements routinely run into hundreds of thousands or even millions of dollars. Add to this the cost of legal fees and the expense become staggering.
The amount of umbrella insurance that is right for you depends on a variety of factors. Your type of business, number of employees, and the amount of assets are all important considerations.
Talk to us at 972.510.5346 about the umbrella needs of your business so you can decided how much is enough for you