An umbrella business policy provides excess coverage that goes above the limits of any underlying commercial policies that are like a commercial umbrella insurance policy. Ephraim Insurance Group Inc. covers many actionable policies that can include protection for automobiles, operated machinery, employees, or guest/client injuries that are due to negligent acts on the company or employee’s behalf. Commercial umbrella business policies are created to cover all locations of a company’s operation whether that includes a home office or a storefront brick & mortar. Umbrella policies are not set up to cover injuries to employees, that coverage falls under the coverage of the Worker’s Compensation policy. How Does Commercial Umbrella Insurance Work? Most insurance policies work the same way: you experience a financial loss, you file a claim, and if the claim is covered by your policy, you receive compensation. Commercial Umbrella Insurance doesn’t really deviate from this model, but because it isn’t a “primary” policy, its coverage can only be applied in certain situations. Knowing when you can use your commercial umbrella policy is the part that’s sometimes challenging
Commercial Umbrella Policies
Let the Ephraim Group give you a quote on an umbrella policy. We are often able to save our business customers money. Call us today!
Affordable Commercial Umbrella Insurance Policy
When you have a chance to draw on this policy, you can more a detailed “rule” that regulate commercial umbrella insurance. Commercial umbrella insurance supplements coverage that is like a backup for liability policies you already have in place. Your coverage will be applied based on your primary policy limits and the amount that still owed if applicable.
You can find that commercial umbrella insurance coverage can be applied to a claim that is underlying the following insurance policies.
• General Liability Insurance
• Commercial Auto Insurance
• Non-Owned Auto Insurance
• Employer’s Liability Insurance
What sets the umbrella policy apart from the policies, it is useful for the occurrence when a policy limit is reached. When deciding to choose a policy, it’s useful to select an umbrella policy as a versatile means to additional coverage. The policy will help maintain reserve coverage. You can discuss further in-depth information with one of our Ephraim insurance agents. Some coverage cannot be supplemental for example, an umbrella coverage almost never applies to a professional liability claim. Further, discuss this with your insurance agent so you can make the right decision.
About Commercial Umbrella Insurance
Considering an owner that has a business, the owner will want to protect the company property, plant, and equipment from a wide range of damages. An umbrella coverage policy creates the means of a safety net so that any excess coverage won’t be left for you to handle on your own. These policies come into play when your underlying policy limits have been exceeded. When a covered loss occurs and there’s a subsequent lawsuit, your primary coverage, (employee, auto, etc), pays out first, and the umbrella pays for expenses above your primary coverage limits. Let the experienced insurance agents at The Ephraim Group help you protect all that you own with an affordable commercial umbrella insurance policy. Call us today. To better understand how umbrella insurance policies works, you are still legally responsible for all injury/damage caused. Every day business owners are facing unfortunate risks becoming involved in a lawsuit of some type. When the umbrella policy is enacted, the coverage will create extra protection for everyone applicable. If a business owner does not own a lot of assets such as a car, or storefront, they will be able to find that umbrella policies offer the financial stability to keep away from financial ruin. In today’s world, we are all unfortunately at risk of becoming involved in a lawsuit of some kind. Umbrellas insurance policies are extra protection for everyone. Even without major assets such as a home or car, if found liable, your entire financial stability and savings can be at risk. Umbrella insurance is not required, but nobody is perfect. Investing in this policy can help you avoid financial ruin if you accidentally cause major damage to others or their property.
What is generally not covered by a commercial umbrella policy?
Although commercial umbrella insurance is made to help cover the costs associated with accidents that are your fault, this policy doesn’t apply if you cause damage to your own property. For example, if there’s a fire started in your own home, the damages caused won’t be covered by this commercial umbrella. But, the damages caused to any neighbors’ or nearby property may cover those costs, leaving you to pay less money out of your own pocket. An umbrella doesn’t cover for losses related to the operation of your business property, even if it is home-based (daycare, salon, etc), either. This policy doesn’t protect you from criminal or intentional actions. For example, the money you owe after being convicted of a crime that you intentionally caused would not be protected by this policy. Commercial umbrella insurance won’t typically protect you from any liability connected to a contract.
How much umbrella insurance do you need?
Although not required, it is a good idea to buy at least enough umbrella insurance to cover your own net worth: your assets, income, and savings. It can sometimes be difficult to figure out exactly how much insurance is the “safe amount” since you never know what exact situation you will be faced with; however, umbrella policies start at $1 million coverage, which ensures you a beneficial amount of protection no matter what.
How do I get an umbrella policy?
Umbrella policies are quite inexpensive but require certain minimum requirements on the underlying policies. Once your commercial limits are raised to the minimum requirements–the cost of an umbrella, (varies due to underlying coverage and/or needs), typically ranges from $160-$270/year for a 1 MILLION dollar policy.
A local agent here at The Ephraim Group can answer any questions regarding commercial umbrella possibilities to choose whether this extra coverage is a fit for you. Contact us today.
Our Service Area
For more than 16 years, we’ve insured motorcyclists that live and work all around our little house in Lawrenceville. We’re located right next to Brewster’s on Lawrenceville Suwanee Road. We have served happy customers around us in Lawrenceville, Dacula, Duluth, Suwanee, and Buford. But, if you live outside our service area, that’s no problem. We’re happy to help you with all your commercial umbrella insurance needs.