Umbrella Liability

Commercial umbrella policies may provide coverage above and beyond several underlying policies, such as General Liability, Workers' Compensation, Business Auto.

What happens if your workers' compensation claims surpass the limits of your policy? What if you're sued for a general liability claim not covered in your policy? Commercial umbrella insurance can provide coverage above and beyond basic liability policies by raising limits and/or filling gaps of coverage.

Because there is no fixed value for the legal claims that can potentially be filed against you, there is also no standard procedure for determining the amount of umbrella coverage you should purchase. However, you might want to consider these guidelines:

• Your net worth (assets minus liabilities)
• The amount of your total assets
• The highest amount awarded in liability cases involving companies in your industry.
  

It may be a good idea to think ahead a few years if your assets or net worth is likely to increase.