Commercial Umbrella InsuranceBusiness insurance is there to help you when a claim is made against your company. However, your policy is only as good as its details. If you have not put a lot of time into creating a policy that limits your risks, including under commercial umbrella insurance, you may struggle later if you need to make a claim. Your insurance agent can help you to find the right amount and type of business insurance for all of your risks.

What Does Commercial Umbrella Insurance Cover?

Commercial umbrella insurance provides a net of liability protections for companies. It can help to cover many of the risks associated with liability claims against your business — including extending your coverage beyond the limit you currently have — and covering other risks not commonly associated with general liability insurance. In some cases, it can cover you for claims or perils excluded from your general liability policy.

Which Exclusions Apply?

Each specific business insurance policy will vary from other policies. Read your existing policy to know what is excluded on it. However, the following are the most common exclusions for commercial umbrella insurance:
  • Liquor liability — liability coverage related to liquor-related losses, such as a customer becoming intoxicated and doing damage to another person or him or herself.
  • Liability claims made against your company for pollution created by the company.
  • Workers compensation, as well as employment-related practices and employers liability coverage. These are generally their own policies.
  • Electronic data liability, which may include cyber threats. This is generally its own policy as well.
  • Recalled products, inferior work or damaged property.
  • Aircraft or watercraft claims, especially those related to racing.
If these are risks your company faces, it may be time to get a specialized level of coverage in place. Business insurance is available to cover these risks, but the coverage may be in the form of specialized riders or adding additional policies to your existing plan. Be sure you know what other exclusions your commercial umbrella insurance policy may have before moving forward. Some policies can have too limited of a scope to safely protect your company. Take a closer look at your existing policy to find out if it is going to be enough to keep your business operational when claims are made against it.

Protect your business' interests. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Chicago IL business insurance.
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