We help provide you with safeguards through Umbrella Insurance.
If you are looking to extend your insurance coverage to help better protect your business from risks, we are here to help. We can help provide you with safeguards through Umbrella Insurance. As the name implies, umbrella insurance policies act as an extra layer of protection for your business. This form or risk insurance can hold an umbrella of protection over important aspects of your company.
Here at Brady Risk Management, our goal as your insurance and risk management advisor is to help prevent losses from happening and to provide you with safeguards and protection should a lawsuit arise. While no one wants to imagine the worst happening to them, we make it our job to think about the “what ifs” for you and your business. The reality is that no business will operate without eventually facing a less than ideal claim against them. With years of experience in the industry, we have seen it all and want to share that insider knowledge with you. We understand what unique risks your business might face and the best methods for protecting your company from those risks. If you are looking for an extra layer of protection, talk to us about umbrella risk insurance.
What Is Umbrella Insurance?
Commercial umbrella insurance provides an extra layer of liability protection by covering costs that go beyond your other liability coverage limits. In other words, commercial umbrella insurance complements your other liability coverages by taking over when your other liability coverage limits have been reached. If you have a liability claim that is large enough to exhaust the limits of your general liability, product liability, or commercial auto policy, a business umbrella policy will kick in and handle the rest of your expenses.
While you may already have excellent coverage through other policies, it does not negate the need for an umbrella policy. This added risk insurance can go a long way in helping to protect you against the heavy-burden of major costs. For example, if someone is injured on your property, your general liability insurance will kick in to cover the medical costs of the injury. However, if the injury is severe and your general liability policy limits are reached, you could be facing a crippling bill. This is where commercial umbrella insurance can become an invaluable asset. When your first policy reaches its max, your umbrella policy can take over. This can be a major game-changer for small businesses in particular who might not be able to survive the costs of a major catastrophe.
What Coverage Is Offered?
A commercial umbrella insurance policy will act as a fairly large protective shield for your business.
These plans offer an array of coverages including the following:
- Personal injury liability
- Contractual liability
- Vehicle liability, including aircraft & watercraft
- Liquor law liability
- And more
While umbrella insurance does cover a lot of risks, it does have its limitation. There are some items which commercial umbrella insurance cannot cover. Some of these include the following:
- Malpractice lawsuits.
- Professional liability lawsuits
- Employee discrimination lawsuits
- Property damage
If you are worried about what coverage is offered by your existing policies, it is best to talk to a consultant to determine where your biggest risks currently lie and how improved coverage through an umbrella policy can be achieved.
How Do I Determine Whether Or Not I Need This Risk Insurance?
When it comes to deciding whether or not you want to opt for an umbrella insurance policy, there are a variety of factors to consider. No two companies are exactly alike, so as you go through the assessment process, you will need to consider a few things. First, you will want to gather together information about your existing general liability and other insurance policies. This can help you analyze where gaps might exists or potential risks. You will also want to take into consideration your financial and operation details of your business.
Trying to choose coverage on your own can feel like an overwhelming task. Your policy will only be as good as you manage it, which is why working with an experienced team can go a long way in offering you better protection and lowered insurance costs.
Work With Our Team To Create A Full Risk Management Strategy
If commercial risk insurance is on your list of items to explore for your company, we invite you to speak with our team at Brady Risk Management. We offer an array of risk management services and we can help you determine if an umbrella policy is right for you. Not only will we provide you with a free quote, but we can also guide you in understanding how to best utilize this policy alongside other vital risk insurance policies. Each industry and business is unique, which means finding the right solution for your company should involve a detailed analysis of the risks you face. We can help you look into the nitty-gritty details of everything from liquor liability insurance to cybercrime insurance. We work with companies spanning a vast array of industries, which allows us to provide you with important experience and knowledge.
Take hold of your risk management strategy today and talk to our team about tackling your company’s risks with a proactive and intelligent approach. Don’t wait for disaster to strike your business, instead, create the best chance for your company’s success through a detailed risk management strategy. For more information, contact our team.