Commercial umbrella insurance in Mount Juliet and throughout Tennessee.
Commercial umbrella insurance is made to complement current insurance plans and add an extra layer of security for your company. We’ll work with you to identify the ideal umbrella solution to meet every requirement of your business.
Umbrella insurance for businesses is all about going above and beyond. It’s an additional layer of defense that takes effect in the worst-case scenario for your commercial insurance policy.
Most business insurance policies have a payout limit, whether they cover commercial property or commercial liability. Normally, any costs that exceed this cap would be the responsibility of your company. This kind of unanticipated expense could endanger your company’s very existence.
Only after your primary commercial insurance policy’s payout limit is reached does a commercial umbrella policy take effect. The commercial umbrella policy would then cover the remaining expenses.
What’s a Commercial Umbrella Insurance example?
For illustration, suppose your company has a $500,000 liability insurance policy, but you still have to pay $700,000 in damages. If your company is covered by a commercial umbrella policy, the liability insurance coverage will pay out in full first, and the umbrella policy will subsequently cover the remaining $200,000 if necessary.
The appeal of umbrella insurance is that, despite the minimal likelihood that it will be required to pay out, it is frequently far less expensive to buy than you may anticipate.
An excellent method to further safeguard your assets is by purchasing commercial umbrella insurance. If you get in touch, we’ll help you to decide if it’s appropriate for your company.