Do you need a flexible insurance policy for your business? You’ve come to the right page. Commercial umbrella insurance can cover what your existing insurance policies cannot. For example, if you have a general liability policy for your business, but it lacks coverage for to pay for someone’s medical expenses, commercial umbrella insurance can pay for those costs when a customer injures themselves on your property and requires medical treatment that costs more than what you’re covered for. Additionally, if your general liability policy has a coverage limit of $1 million, and your company is sued for $1.5 million, your umbrella policy has enough to cover you for the remainder. Please note that this is not a stand-alone policy; it must accompany an underlying policy, such as a general liability or commercial auto policy. A GPA Insurance agent can help you decide which coverages and policies are right for you.

Do I need commercial umbrella insurance?

Commercial umbrella insurance can be cost-effective for many businesses; however, a lot of businesses can operate just fine without one. Consider purchasing an umbrella policy if:

• You have third-party liabilities, such as:

  • Your commercial property is open to the public and regularly visited, hence an increased risk of accidents.

  • Your employees drive their own vehicles for business uses. If an employee gets into a car accident, your business may be held responsible.

  • There is a high risk of injury on the job. Although a workers compensation policy can cover most medical costs, an employee could potentially sue your company for their injury.

• Your clients/partners/projects have high coverage requirements. If your client feels more secure working with you with a higher amount of coverage than your existing policy has, an umbrella policy can help you cover the rest and land the job.

• You want to sufficiently protect your business while saving money. This policy may be suitable for you if you just want to insure your business in an easy and cost-effective manner. An umbrella policy can supplement a broad range of policies, and increasing your coverage on multiple other policies can result in higher premiums.

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Keep in mind that with GPA Insurance Agency, you get to personalize your insurance policies to suit your needs and circumstances. As a brokering agency, we can compare prices from different companies for you at no cost. Need help deciding on the right amount of protection that fits in your budget? Get an online quote  now or  speak with a friendly agent to get started!