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The Sky is the Limit with Commercial Umbrella Insurance

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Running a successful business is no easy feat. As a business owner, you’re tasked with juggling multiple responsibilities to keep your business thriving. One aspect you can’t afford to overlook is commercial umbrella insurance.

Commercial umbrella insurance provides additional coverage above what your existing liability coverage provides, the difference between an unexpected financial loss and business continuity.

With commercial umbrella insurance, you have expanded protection in case of an unexpected lawsuit or accident. By investing in commercial umbrella insurance, you’re not only preparing for the worst but also being a responsible and forward-thinking business owner committed to protecting your assets.

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How Does Commercial Umbrella Insurance Work?

Commercial umbrella insurance is a cost-effective way to expand the limits of your business liability insurance. This type of insurance provides an extra layer of financial protection through higher policy limits for liability claims.

A regular general liability insurance policy has two limits: a per occurrence limit and an aggregate limit. Per-occurrence limits determine the maximum amount you will be paid for a covered claim. Aggregate limits specify the maximum amount your policy can pay in a specific one-year period.

Here is a good example of commercial umbrella insurance: If you have a general liability insurance policy with a per-occurrence limit of $250,000 and find yourself facing a claim for $1 million.

Your insurance policy will pay $250,000 and your commercial umbrella insurance will pay for the extra $750,000 that you would otherwise pay out-of-pocket.

If your policy’s aggregate limit is $1 million, and you end up facing added claims that exceed $1 million in the one-year period specified in your general liability policy, your commercial umbrella insurance will cover the extra costs that you would otherwise be paying out-of-pocket.

The bottom line is, if you have a commercial liability umbrella insurance policy, your business would be financially covered if any claims incurred surpass the per-occurrence and aggregate limits in your policy.

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What Does Commercial Umbrella Insurance Cover?

Commercial umbrella insurance commonly covers the same situations that are typically covered by general liability insurance, including bodily injury and property damage. This type of coverage provides compensation for legal defense fees, settlements or awarded damages arising from lawsuits. Additionally, commercial umbrella insurance expands your liability coverage to situations that are not typically covered by your existing business liability coverage.

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Lead Fearlessly with Commercial Umbrella Insurance from The Insurance Alliance

Commercial umbrella insurance is an essential aspect of any comprehensive business insurance plan. It provides supplementary business coverage and enhanced liability protection, safeguarding your company against unexpectedly large financial losses.

With a commercial umbrella insurance policy, you can be confident that your business is well-protected, no matter what challenges may arise. By partnering with The Insurance Alliance, you can lead your business knowing that your company has the necessary coverage to thrive in today’s ever-evolving business landscape. Don’t let risk weigh you down – invest in commercial umbrella insurance today and keep moving forward.

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