Umbrella Liability Insurance Insight | A Cost-Effective Way To Fill Coverage Gaps
Because one size never fits all, umbrella liability insurance provides businesses with an extra layer of coverage over and above standard liability policies. The International Risk Management Institute (IRMI) notes that umbrella liability coverage:
Essentially, umbrella liability insurance is designed to protect your assets by kicking in when your primary commercial general liability coverage is exhausted. Adding umbrella liability or excess liability insurance layers is like building a tower with blocks. Each block represents a layer of protection that is triggered if the limit in the underlying policy is used up.
More Than Just For Rainy Days
Unfortunately, accidents happen. These days, it’s not uncommon for jury awards and out-of-court settlements to run into millions of dollars.
[Did you know?] A typical Canadian business carries $2,000,000 to $5,000,000 in primary CGL limits. In Ontario, some personal injuries claims exceed $10,000,000.
If your organization is 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 coverage will come out of your own pocket.
Umbrella Liability Insurance – Four Key Questions
When selecting a limit for your business, you’ll want to consider:
The cost for each million dollars of 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 coverage and peace-of-mind you gain.
ALIGNED Umbrella Liability Insurance | 1-866-287-0448
Our advocates can help you secure the best umbrella liability products, services and solutions for your organization.
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