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What Does Umbrella Liability Insurance Cover?

7/9/2014

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Umbrella liability insurance
What do you know about umbrella insurance?
You've unquestionably heard that lawsuits against some businesses have resulted in enormous awards to the plaintiffs. Some of these lawsuits are frivolous. Others are filed against small businesses. Some of them are both frivolous and targeted against small businesses.

The bottom line is this: The sky's the limit when it comes to awards that juries grant to successful litigants these days. 

Liability Insurance

That's why you need to protect yourself with insurance. A great commercial general liability insurance policy will shield you from some of the worry concerning lawsuits that target your business.

Unfortunately, a commercial general liability insurance policy might not shield you from all of the worry. As noted above, some plaintiffs win awards that can stagger the imagination. It's quite likely that your standard liability insurance policy won't cover damages awarded in excess of $1 million.

As a result, if you rely solely on your commercial general liability insurance policy for all of your liability coverage, and a jury awards a plaintiff who sues your business damages amounting to $1.5 million, you could still be put out of business, unless you happen to have a half a million dollars lying around. This is true even if your business was sued for a frivolous reason.

Umbrella Insurance

Fortunately, there is good news for business owners who want some added protection. It's called umbrella insurance.

Umbrella insurance, essentially, is an insurance policy that covers your business beyond the standard coverage you receive from your commercial general liability insurance policy. What that means is that anything not covered by your standard liability insurance policy is covered by the umbrella policy.
Umbrella liability insurance
Umbrella insurance provides coverage beyond commercial general liability insurance.
So, for example, if somebody walks into your store, trips, and hits his head on the floor, then you could be liable for medical damages. Now, if that individual only twisted an ankle and missed a couple of weeks of work, your commercial general liability insurance policy would cover the damages. However, if the fall was severe enough that the person suffered brain damage, your business could be on the hook for millions of dollars in damages. Your standard liability policy would cover the first million, and your umbrella policy would cover the rest.

In fact you'll find that some umbrella policies offer as much as $10 million in additional coverage. In this litigious society, that's a nice cushion against potential lawsuits.

Also, umbrella insurance could literally save your business. If your business can't afford to pay for the damages awarded against it, then a judge could order that the business assets be seized in lieu of payment. You don't want that to happen, so protect yourself.

You've worked hard to build your business. Why not give it the protection that it deserves with the additional coverage provided by an umbrella policy?
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    Pablo M Conde
    Licensed Florida Agent
    Since 1976

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