Commercial Umbrella Insurance Massachusetts

Keep Your Business from Getting Soaked with a Commercial Umbrella Policy

All businesses face certain risks when catering to the public. While your standard liability limits cover most of your business risks, a commercial umbrella policy can extend your coverage to take care of the additional costs when catastrophic losses occur. At LoPriore, our motto is insurance that fits your lifestyle. We can help you find the commercial liability insurance you need to protect your unique business while staying within your budget.

 
Commercial umbrella insurance Massachusetts, LoPriore Insurance Agency

WHAT IS IT

Commercial Umbrella Insurance is a policy that provides you with an extra layer of commercial liability coverage. When your standard commercial liability limits are exhausted, an umbrella policy covers additional costs.

WHY DO I NEED IT

Accidents are unpredictable and legal costs can add up quickly. Commercial umbrella insurance provides an extra layer of liability. Indeed, it covers the costs when your standard commercial liability limits are exhausted.

WHO NEEDS IT

While commercial umbrella insurance is rarely a requirement, any business can benefit from having an extra layer of liability coverage in place, especially those with considerable assets or those who face substantial risks.

 

Commercial Umbrella Details

Coverage Details

An umbrella policy protects businesses against catastrophic losses. It extends the limits of your existing commercial liability coverage to the chosen limits of your umbrella policy. Since you can choose the amount of coverage you need to suit the specific requirements of your unique business, you have total control over your full commercial liability limits.

What It Covers

Since it’s designed to provide additional coverage, a commercial umbrella policy cannot be purchased unless you already have commercial insurance coverage. The umbrella policy covers the same types of risks as your general commercial liability coverage, including medical costs, legal costs, and damages incurred by your business while facing a lawsuit. Commercial umbrella insurance follows the same guidelines as your underlying commercial policies. Therefore, losses not covered by your commercial insurance generally aren’t covered by your umbrella policy.

How Much It Covers

A commercial umbrella policy protects against catastrophic losses and can provide a significant amount of additional coverage. Limits are typically available in $1 million increments and can exceed $100 million. Most policies pay the full amount that exceeds the limits of your underlying policy minus the self-insured retention (similar to a deductible).

How It Works

When you face a liability lawsuit, your standard commercial insurance will cover the costs of medical payments, property damages, and legal fees. When your standard commercial liability limits are exhausted, your umbrella insurance picks up the costs. As long as your costs remain below the limits of your commercial umbrella policy, your expenses will be covered.

While your commercial umbrella policy outlines the risks covered by the policy, it’s important to remember that these details should generally mirror the ones on your underlying policies. Therefore, the risks relate directly to standard commercial insurance. It’s important that you understand the coverage limits on both your underlying commercial insurance policies and your umbrella policy.

Additional Requirements Regarding Coverage

A commercial umbrella policy works with and goes beyond your existing commercial insurance coverage. For this reason, it’s required to update your commercial insurance policies regularly.

Commercial Umbrella Insurance FAQs

How Does Commercial Umbrella Coverage Work?

When there is a liability suit against you, the commercial umbrella extends those limits to cover the additional costs. Indeed, the umbrella policy provides coverage up to your limits. This means your total commercial liability coverage is the sum of both limits.

If I Have a Personal Umbrella Insurance Policy, Do I Need a Commercial Umbrella Policy?

Your personal umbrella policy will not cover liabilities related to your commercial activities. If you own a business, you would still benefit greatly from a commercial umbrella policy.

Is It Worth It to Pay the Premium for Commercial Umbrella Insurance?

When things are running smoothly, paying a premium for commercial umbrella insurance might feel like spending money on something you aren’t using. However, the costs of medical payments and legal fees associated with an unexpected liability lawsuit can be significant enough to result in serious loss or even bankrupt your business. Having substantial coverage prepares you for unexpected events and even keep you in business if disaster strikes.

Will My Commercial Umbrella Policy Increase My Coverage in the Event of a Car Accident?

If your vehicle is covered by commercial auto insurance, your commercial umbrella policy can extend that liability coverage. However, if you’re driving your personal vehicle, your commercial umbrella policy will not provide coverage. Personal umbrella insurance is also available to extend your personal liability limits.

How Much Umbrella Insurance Do I Need?

Commercial umbrella coverage limits range from $1 million to beyond $100 million. The amount required by each business may vary widely. Our independent agents can help you decide how much coverage you need by determining related factors including:

  • Risks you may face
  • Value of your assets
  • The potential loss of future income

Learn More About Commercial Umbrella Insurance In Massachusetts

Commercial umbrella insurance protects your business. However, it can provide you with so much more if disaster strikes your business. Avoid the substantial losses that come with being underinsured. Protect your hard work with a customized commercial umbrella policy from LoPriore. To learn more about our commercial insurance policies, or to get a quick quoteget in touch today. Our experienced agents are available 24/7 to take care of your insurance needs.

Have any Question? Ask us anything, we’d love to answer!

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