Additional protection for your company by providing extended coverage limits to existing policies.
What is a Corporate Umbrella Policy
The business Umbrella policy is designed to provide affordable coverage extensions to your existing policies should a claim arise that exceeds their coverage limits. The policy does not provide coverage on its own, it only extends it and only provides additional cover to the following policies:
- Business General Liability
- Workers Compensation
- Commercial Auto
- Employment Liability
Does your Business need an Umbrella Policy?
Any business can get an Umbrella policy and it is generally regarded as a sound Risk Management strategy as it provides a cost effective method of protecting the business against unexpected risks. An Umbrella policy could be the difference between a company remaining solvent and its employees retaining employment and the business folding should a law suit threaten the financial stability of the company.
What do Umbrella policies cost?
The cost of a Business Umbrella policy will depend on the Risk Analysis of your business. Factors that will be used to determine the risk include the type of industry you are in, the number of employees you have, the value of the company and your claims history. Typically most small businesses will pay in the region of $500 to $1500 per million dollars of coverage.