People working in construction, transportation, technology, manufacturing, hospitality, and even the restaurant industry all understand the need for Excess Umbrella insurance. Commercial Umbrella insurance provides excess liability coverage over various primary liability policies because a primary insurance policy often doesn’t carry enough weight.
It only takes one large loss, for example, a catastrophic lawsuit, with all of its legal expenses to threaten the future of your business, possibly even leading you into bankruptcy. In many cases your primary liability insurance, such as general liability, auto liability or worker’s compensation, won’t provide sufficient limits of insurance to fully protect your business from large, expensive settlements. That’s where a commercial umbrella policy from Preferred Insurance in Texas comes in, when your future is on the line.
Excess Umbrella coverage is very cost efficient
The fact remains that an excess umbrella policy is reasonably priced. Some may balk at the prospect of investing in additional coverage, saying the added cost of an umbrella policy isn’t worth considering for many small business owners. But the fact is that umbrella insurance tends to be much more cost-effective than one might think, and you may actually end up spending less each month on premium payments while enjoying significantly greater insurance protection.
In addition, you’ll have the option, in most cases, to expand your coverage limits on several policies through a single umbrella policy. For example, instead of investing in higher limits on general liability, auto liability, and employer’s liability policies, you could invest in a single umbrella liability policy that offers extended coverage on all three policies.
You’re likely to come into contact with a number of clients, suppliers, partners, and other business associates every day, which means that you face a lot of situations that could result in lawsuits, more than the average person would ever even have to consider. That’s an awful lot of exposures, and it only takes one incident to bring your whole enterprise crashing down. Umbrella coverage from Preferred Insurance in Texas offers an extra safety net in case any of your actions brings about a costly lawsuit. You owe it to yourself to get the added value and support you need. You’ll be happy that you did.