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What will a commercial umbrella policy cover?
What additional coverage will an umbrella policy provide above and beyond my current commercial policy?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Umbrella insurance provides an extra layer of protection on top of the existing
commercial insurance policy
. The umbrella coverage gets activated once the limits on the primary policy are exhausted.For example, if your primary policy has a liability limit of $1 million and you are sued for $1.5 million, the umbrella policy would help pay for the additional $500,000 that the primary policy doesn’t cover.
Umbrella policies are usually sold in $1 million increments, so anything from an additional $1 million to $50 million is available.
Aside from additional liability protection, an umbrella policy can provide coverage for losses that the primary policy doesn’t cover, like slander. For example, suppose you get sued for something you said or wrote about another person or business. In that case, this policy will provide coverage for court fees and the judgment if you were found guilty.
Safe trucking!”
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- Gregory R.
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