As a responsible business owner, you’ve purchased comprehensive Liability insurance to protect against premises liability, auto liability, and personal injury liability, among other exposures. You’re pretty much covered as far as you can see. But with today’s aggressive plaintiff bar, anti-corporate sentiment among jurors and nuclear judgments in the tens (and in some cases hundreds) of millions of dollars, it’s wise to go the extra mile and buy Excess & Umbrella Liability insurance.
If your business were hit by a big claim or a single occurrence that injured multiple people, would you have enough in Liability insurance limits to cover your legal bills and any settlements or judgments for which you were held responsible? At Dickstein Associates Agency, we have many years of experience evaluating liability limits. We can look at your underlying, primary liability policies (General Liability and Commercial Auto, for example) and help you determine if the payout maximums in your policies are consistent with the risks you face.
An Excess/Umbrella policy goes beyond the standard limits insurers offer in primary Liability policies. The policy will pay when your primary policies’ limits are exhausted, up to the amount of Umbrella coverage you purchase.
Any business potentially at risk of exceeding the limits of their existing Liability policies should consider an Umbrella policy. In addition, businesses with commercial property open to the public should consider Umbrella insurance as working directly with people exposes you to an increased amount of risk. If you conduct business on other people’s property, your General Liability policy may not be enough if something happens to go wrong, as there is a greater risk of third-person injury and property damage.
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