Umbrellas offer extra protection, and so does commercial umbrella insurance. This type of coverage is an effective way to extend the strength of your business insurance in Newark, DE.
We’re going to go more in-depth into this insurance vehicle in this post, so you’ll have the knowledge you need to make an informed decision on business insurance. Commercial umbrella insurance should be considered a supplement for your existing business liability policy. If a claim is filed against you and it exceeds the policy’s coverage, then your umbrella coverage can be applied to the claim to make up the shortfall. This type of insurance is useful for many kinds of commercial and retail operations.
You should speak with your business insurance agent to determine what your umbrella coverage can supplement. It does not usually provide coverage for claims of professional liability. It will also be beneficial to learn if it kicks in automatically for your existing policy or if you need to file an additional claim.
When you are seeking the extra peace of mind that comes from this level of supplemental coverage, keep in mind that umbrella coverage generally comes in increments of $1 million. Prices will vary based on your location, type of business, and other factors. We hope this information will prove helpful.