Why YOUR business NEEDS Commercial Excess and Umbrella Insurance

Let’s talk about the importance of Commercial Excess and Umbrella Insurance!

This coverage provides additional limits and an extra layer of liability protection that goes above your coverage limits. To explain further, commercial excess and umbrella insurance will step in and take over when your business’ other coverage limits are reached.

Why is this coverage necessary?

• Protect your insured’s businesses from a catastrophic loss
• The average jury award for general liability premises operations has risen by 10.5% each year since 1994
• The average claim takes seven years to go through investigation, discovery, trial and jury decision
• A $250,000 loss today will be worth $1.2 million in seven years; a $1 million primary policy will not be sufficient

Check out a claims example below to better understand why this coverage is important:

A tenant of an eight-unit apartment building started a fire in his kitchen while cooking. The fire spread to the next unit and trapped a child who eventually died from the burns. It was determined that the apartment owner was liable because the batteries had been removed from the smoke detectors. The case resulted in a settlement of over $5 million. The apartment owner’s underlying policy had lower limits than the $5 million.

Had there not been commercial excess and umbrella insurance in place, the additional amount would have needed to be paid by the apartment owner. If your business does not have commercial excess and umbrella insurance, imagine how much you can truly afford to pay out-of-pocket.

Call or Text us today at 1-877-PLIG-123. That’s 1-877-754-4123.