Commercial Umbrella Insurance Humble, TX
An insurance policy that helps minimize your company's vulnerabilities.
A commercial umbrella insurance policy can help shield you from the many unforeseen occurrences that might happen in today’s business world.
This type of policy picks up where your general liability, employer’s liability, and commercial auto insurance policies leave off. It gives you the additional coverage you need to cater to the costs that exceed your current liability limits.
Without a business umbrella insurance policy, you might have to pay out of pocket to clear liability claims whose expenses exceed your coverage limits.
These can include anything from legal costs and medical bills to covering the damage that other people’s properties experience.
Contact our team today at 281-812-8400 or complete our commercial insurance quote form to receive a no-obligation commercial umbrella insurance plan designed to protect your business.
Have Questions?
Whether you’re ready to uncover better asset protection or you just have questions for our experienced team of insurance professionals, we’re always here to help!
Start Your Commercial Insurance Quote Here
Navigating the complex road of commercial and business insurance can be daunting without the right agency by your side. Complete our business insurance questionnaire and get a detailed insurance quote specific to your exact needs.
How Does a Commercial Umbrella Policy Work?
Imagine one of your employees has a car accident while delivering a product to a client or damages someone’s property. If the bodily injury and property damage costs are less than your commercial auto liability limit, there will be no problem.
However, if these costs exceed the policy’s limits, you will have to clear the amount that exceeds the limit yourself. Doing so can easily place your business at financial risk, depending on how extensive the damages are.
The good news is that having a commercial umbrella insurance policy helps you avoid this, allowing you to extend your primary liability insurance coverage limits. In addition, most umbrella insurance policies are flexible. Many even allow you to extend the liability coverage of policies you have with another insurance company.
Remember that your umbrella insurance picks up where other policies leave off, meaning it will not kick in until you exceed the limits of your other policies.
Commercial Insurance Coverages to Consider
Umbrella insurance can boost liability coverage on multiple types of policies, protecting you from the most expensive lawsuits.
Here are some of the critical commercial insurance coverages you should consider exploring.
Auto Accidents
Adding a commercial umbrella policy to your commercial auto or hired and non-owned auto insurance policy can help you cover additional costs if someone sues your business for the damages your company vehicle causes.
Besides covering your company’s legal defense costs, the policy could also cover the damages you pay to other drivers in the form of a court-ordered judgment or settlement.
Employee Injury
Another commercial insurance coverage to consider is employee injury. Including commercial umbrella insurance in your employer’s liability insurance policy can help you cover employee lawsuits that result from work injuries.
Third-Party Body Injury
The coverage can also extend your commercial general liability insurance policy limits, enabling you to clear the legal expenses you incur should someone injure themselves on your business property.
For instance, let’s say a customer trips on an uneven step and sustains severe injuries that force them to sue you to recoup their medical expenses. The umbrella insurance policy will cover additional costs if the damages exceed your business’ general liability limit.
Third-Party Property Damage
Umbrella insurance also covers third-party property damage, helping you pay for the legal bills related to the damage or destruction of third-party property.
What Umbrella Insurance Does Not Cover
Your business umbrella insurance policy will not cover:
- Damages that are within the underlying policy limits: The coverage only becomes active once the underlying policy exceeds its limits.
- Professional errors: The policy will not cover lawsuits resulting from professional errors. However, an excess liability insurance policy can boost the limits of your professional liability insurance.
- Business property damage: Umbrella insurance does not cover commercial property insurance.
Why You Would Need Commercial Umbrella Insurance
While many once believed it was business insurance coverage only necessary for large corporations, more and more small businesses are investing in commercial umbrella coverage today and for a good reason.
If you are uncertain about the merits of purchasing an umbrella insurance policy, consider asking yourself the following questions.
Typically, the more in-person business you conduct with your customers and clients, the higher your liability risk is.
Liability risks tend to increase if your employees use dangerous equipment or heavy machinery to perform hazardous work. Umbrella insurance can guard against employee claims, proving useful, especially in industries like construction.
If your business has a fleet of vehicles, opting for coverage that protects you against the cumulative costs of vehicle accidents can help you avoid placing your company under financial strain.
The Benefits of Commercial Umbrella Insurance
Additional Protection
A commercial umbrella policy’s most significant advantage is the additional protection it offers. This extra protection is especially essential if you run a small business or have a company with a lot of valuable assets.
Broader Coverage
A general liability policy does not cover all situations, often excluding coverage for specific events. Fortunately, a commercial umbrella policy gives you access to broader coverage, shielding you and your business from unforeseen perils.
Low Cost
Umbrella insurance tends to be relatively inexpensive compared to the level of coverage it offers. Since it is secondary coverage and only takes effect after you surpass your underlying policy’s limit, purchasing this additional coverage is affordable.
Request a Quote on Commercial Umbrella Insurance Today
Depending on your company’s nature, you could be at risk from one of the growing number of unforeseen occurrences. Without sufficient coverage, you might have to pay out of pocket to cater for additional expenses and damages.
Are you ready to learn more about a commercial umbrella policy for your company? Contact Lee Insurance Agency today by calling 281-812-8400 to speak to an insurance agent and request a commercial insurance quote on our commercial umbrella insurance policies.
