Commercial Umbrella Insurance in Georgia
Provide additional liability coverage above and beyond the limits of your other insurance policies.
Commercial Umbrella Insurance in Georgia
Do you have the right coverage?
As a business owner, you face a lot of liability risks that the average person doesn’t realistically have to deal with. You probably know about that and have a primary insurance policy to protect you, but did you know that primary insurance rarely covers the entirety of big claims?
General liability and commercial auto insurance often falls short when you face major claims worth high sums, and that’s where excess liability insurance, or commercial umbrella insurance comes in. To pick up the rest of the claim.
What is Commercial Umbrella Insurance?
Commercial umbrella insurance is designed to kick in and cover any financial liability you have when a claim exceeds your primary policy’s limit.
For example, let’s say your primary commercial auto insurance covers up to one-million dollars in damages and personal injuries. Unfortunately, an accident occurs, and you’re liable for more than 1-million dollars. Your primary coverage will pay up to its limit, and then your commercial umbrella insurance will pay the rest.
Commercial umbrella insurance is not a policy in and of itself. It’s simply an extension of your existing coverage to protect you against issues that are too major for your primary coverage to handle fully.
Why Your Georgia Business Needs an Umbrella Policy
There are a variety of reasons why umbrella policies are absolutely necessary in the modern business world.
- Rising legal costs: Legal costs are higher than ever, and even minor claims can put a major dent in your budget.
- Risk exposure in certain industries: Some industries have a lot more risk involved than others. Such as construction, hospitality, and delivery services. These all have higher risk of serious injuries and damages on company property.
- Peace of mind for long-term growth: It’s hard to look forward to the future when any slip up can create a major financial roadblock or even shut you down for good. Having an excess of insurance lets you put that thought aside knowing you’re protected.
Unfortunately, it’s the small and mid-sized businesses that tend to be impacted the most by these major claims. Since money is tighter, they usually underestimate how serious a claim can be and opt to be under insured. Consequently, not having enough coverage also has more serious ramifications for smaller businesses.
What Does it Cover?
- Third-party bodily injury: This covers situations where you’re liable for injuries and property damage for someone else.
- Property damage: This covers the costs of replacing damaged property.
- Libel, slander, and defamation claims: This protects you financially from lawsuits pertaining to slander, libel, or defamation.
- Legal defense costs: Whether you win or lose a case, defense costs are incredibly expensive. This coverage helps pay for those costs.
Remember that this coverage simply extends the coverage of existing policies. It doesn’t cover something new altogether. Also, workers comp and professional liability typically aren’t covered by umbrella insurance unless specifically expressed by the carrier.
How much Umbrella Coverage Should You Get?
Usually, umbrella coverage starts at $1 million. Then, it can be adjusted to meet specific needs.
How much you need depends on a variety of factors.
- Business type: Different businesses have different risks and require various amounts of coverage.
- Industry risk level: This is how likely you are to face a major claim and the extent of that potential claim.
- Asset value: How much are your assets worth, and how much coverage is necessary to protect them?
- Number of employees and customers: Coverage needs to be higher to cover larger numbers of employees and customers.
A custom approach is necessary since every business is different.
Customize Your Commercial Umbrella Insurance
Our experienced agents give you access to the top carriers for a fully customized policy. We’ll help you build a policy that is cost-effective and affordable without sacrificing quality, give you access to fast quotes and local expertise, and generally ensure you get the exact insurance you need.
Let’s Get Started!
If you’re running a business, small or large, you need excess coverage on top of your primary insurance. There are too many risks to your business without it.
Contact Chandler Insurance Group today, and let’s get you covered so you can focus on growth and success.