With an increase in litigation and rising court costs, the chance that a business could be made bankrupt by one lawsuit is high. Unfortunately, most general liability limits do not provide adequate protection for your business assets.
Our agents at Sandeen Insurance have extensive experience working with Wisconsin and Minnesota businesses to analyze their risks and evaluate their coverage. We can help you determine if your existing liability policy offers you enough protection. If not, we can evaluate commercial umbrella policies across multiple companies so you can find the one that best fits your business needs.
Umbrella Policies Offer Extra Liability Protection
There are several types of liability insurance products available to businesses:
- General liability
- Commercial auto liability
- Professional liability
- Management liability
- Employment practices liability
So why would it be a good idea to add an excess liability policy to your business insurance portfolio? In short, such a policy can step in to cover losses that exceed your other liability policy limits. For example, imagine you are sued for professional negligence and the claimant is awarded $2 million in damages. Your professional liability policy has a $1 million limit. With umbrella coverage in place, that additional $1 million will come out of your insurance, not out of your business.
Commercial umbrella insurance may also offer liability protection for events that occur that are otherwise excluded from your other liability coverage. Talk to our experienced independent agents to learn what may or may not be covered under your existing policies.
Contact Sandeen Insurance for Help Understanding Your Excess Liability Needs
The risks any single business may face are as unique as the business itself. To learn how much liability coverage you may need to protect your business and personal finances, give us a call at 715-386-5825 today. One of our agents will answer your questions relating to commercial umbrella insurance and will help you understand your options for adequate coverage.