Small Business Umbrella Liability Insurance Insight | Fill A Coverage Gap Cost-Effectively
The old adage it never rains but it pours seems particularly fitting when assessing your small business umbrella liability insurance. Recognizing that one size never fits all, umbrella liability insurance provides small business with an extra layer of coverage over and above standard liability policies. In addition, the International Risk Management Institute (IRMI) notes that small business umbrella liability coverage:
Designed to protect your assets by kicking in when your primary commercial general liability coverage is exhausted, small business umbrella liability insurance is designed to fill coverage gaps. The addition of umbrella liability insurance or excess liability is much like adding another brick to your insurance foundation. Each brick is a layer of protection that is triggered should the limit in the underlying policy be used up.
Gap-Stopping Small Business Umbrella Liability Insurance
[DYK?] A typical Canadian business carries $2,000,000 to $5,000,000 in primary CGL limits. In the province of Ontario, some personal injuries claims exceed $10,000,000.
All too often, jury awards and out-of-court settlements run into millions of dollars after a worst-case scenario happens. Should your small business be found legally responsible for injuring someone or damaging their property, without umbrella liability insurance, anything beyond the limits of your standard commercial general liability insurance will come out of your bottom line.
Umbrella Liability Insurance – 4 Key Small Business Insights
When selecting a limit for your small business umbrella liability insurance, take time to consider:
[DYK?] It is notable that the cost for each million dollars of small business umbrella liability insurance coverage decreases with every million dollars of coverage purchased.
Additional umbrella liability insurance can be relatively inexpensive when compared to the added peace-of-mind and coverage your small business will gain.
ALIGNED Small Business Umbrella Liability Insurance | 1-866-287-0448
Across Canada, our small business insurance brokers can help ensure you have the best small business insurance, including umbrella liability coverage.
We can help you get quotes for small business umbrella liability insurance today. 100% Canadian owned, we serve more than 1,600 clients across the country through offices in Toronto, Calgary and Vancouver and a National Operations Centre in Cambridge, Ontario.
It’s time to get your insurance aligned. Want Canadian business insurance that’s ALIGNED with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448.
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