Commercial Umbrella Insurance

Commercial Umbrella Insurance in York, PA


What is commercial umbrella insurance, and how does it fit into a company's insurance portfolio?

Commercial umbrella insurance is an additional liability insurance policy that provides coverage beyond the limits of a company’s primary insurance policies. It serves as a safety net when primary policies have reached their coverage limit, protecting the business from financial losses that may arise from unforeseen events or accidents.

Umbrella insurance serves as an added layer of protection for a business, covering claims and lawsuits that may not be covered by underlying insurance policies. It can protect businesses from legal actions, lawsuits, and claims related to bodily injury, property damage, and personal injury.

This type of insurance fits into a company’s insurance portfolio by providing comprehensive protection, safeguarding businesses against large or unexpected losses that could threaten their financial stability. It is essential for businesses to assess their needs and risks to determine how much umbrella coverage they require.

What types of incidents or claims are typically covered under an umbrella policy, and what are the policy limits?

An umbrella policy provides additional liability coverage beyond what is covered by an individual’s primary insurance policies. It can provide coverage for a variety of incidents, including bodily injury, property damage, and personal injury. These incidents can occur anywhere, including in the home, while driving a car, or participating in recreational activities. Umbrella policies may also cover incidents related to defamation or slander.

The policy limits for an umbrella policy typically range from $1 million to $5 million or more, depending on the insurance provider and the individual’s specific needs. The cost of an umbrella policy depends on several factors, including the person’s risk profile, the level of coverage they require, and the insurance provider. The policy can provide peace of mind and protection against unexpected accidents or incidents that may result in significant financial losses.

Is umbrella insurance necessary even if a business already has other types of liability insurance in place, such as general liability or professional liability coverage?

Yes, umbrella insurance is still necessary even if a business already has other types of liability insurance in place such as general liability or professional liability coverage. Umbrella insurance provides additional liability coverage beyond the limits of these primary policies. It can help safeguard a business from financial ruin if a large, unforeseen claim arises that exceeds the limits of the existing policies.

Furthermore, umbrella insurance can provide coverage for a broader range of claims compared to the primary policies. A general liability policy may have exclusions or limitations that leave a business exposed to certain types of claims. An umbrella policy can help fill those gaps in coverage. Ultimately, having umbrella insurance can give a business owner greater peace of mind and more comprehensive protection in the event of a catastrophic loss.

Got additional questions about commercial umbrella insurance?

Give the team at Kocman Insurance Group a call at 717-854-0300 and we will be glad to answer any of your questions or concerns. 

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