Excess Liability (Umbrella) Insurance

We live in a very litigious society. So, how much liability insurance is enough? Our court system is now reaching verdicts with eight and nine figure settlements, which were unheard of years ago. Therefore, it is very wise to consider purchasing additional layers of liability protection over and above the standard $1 million limit, which is provided under typical liability and automobile policies.

The premiums for these higher limits are far less than the first million in coverage and may be cheaper than you think. The higher the limits purchased, the lower the annual premium is per million. Although these type of policies are commonly referred to as commercial umbrellas, they don’t cover everything as typically, they follow the form and exclusions listed within the underlying policies. Sometimes an umbrella can provide excess liability for workers compensation and professional liability as well.

A business owner should assess the overall net worth of one’s business when selecting the amount for their excess liability policy. Be sure to insure for at least the value of your business as to protect what you have worked so hard to build. An excess liability from the Hanson & Ryan Agency will give you the peace of mind that one unfortunate, accidental incident will not lead to folding your business and closing up the shop for good.