Commercial Umbrella Insurance
Commercial Umbrella Insurance
Commercial umbrella insurance adds an extra layer of protection against liability claims when you have exhausted your other liability limit. In short, your commercial umbrella insurance and your other liability policy go together and the umbrella portion will kick in once you have used up your other liability coverage limit. Therefore, commercial umbrella insurance is not a stand alone policy. You don’t have to spend a fortune for your umbrella. With the help of our experienced agents, your umbrella policy with $1 million in coverage can cost you as little as a couple hundred dollars extra on top of your regular business liability insurance. Contact New Redwood Insurance Services today and get your free quote started!
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Auto Insurance FAQ
How much umbrella insurance should I have on my commercial policy?
When assessing how much umbrella coverage you should carry on your umbrella policy, you should take the following into consideration when choosing:
- The risk you or your business may face. Consider the risks of property ownership, accidents during your work route, or other dangerous work related liability risks.
- The value of all your business assets. Such as, business properties, stocks, bonds, possessions, etc. The more valuable your business assets are, the higher your commercial umbrella limit should be.
- The potential future income loss. Your business assets and even future income can be lost as a result of a liability lawsuit.
You have plans for your business to grow. Consider the fact that you can be involved in a lawsuit that can target the potential future income. New Redwood Insurance Services can walk you through how much umbrella insurance you should carry and how to calculate your business risks.
What do I need to get my commercial umbrella insurance quote?
Gather the information you need from your business to be better prepared to get a quote.
- Details of business’ financial and operational information.
- If you have these policies, a copy of your declarations page of your up to date commercial auto insurance policy and general liability policies.
- Previous losses of your company.
- Your company’s executives, positions, and their experience.
- Full-time, part-time employees, subcontractors or consultants annual payroll and a breakdown of employees.
How much does commercial umbrella insurance cost?
To understand the cost of your commercial umbrella insurance, you will have to outline the risks of your business. Some jobs require you to carry $1 million while others require $100 million or more in your commercial umbrella insurance. Depending on the risks your company is exposed to, your commercial umbrella premium will be more on the high or low end.
- Average Costs fall around $1,500 a year for a $1 million policy.
- Low end costs for umbrella insurance can be as little as $200 - $400 a year
- High end umbrella insurance costs around $2,500 or more a year.