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Commercial Umbrella

Take Cover Under A Commercial Umbrella
As a business owner, you’ve protected your assets. You have General Liability insurance and may even have a Commercial Auto policy. The amounts on your policies reflect what you need in case of an accident or injury to a third party.  Yet you can only buy up to a set amount of coverage with these policies. Often the amounts aren’t enough to cover a catastrophic event. That’s where Commercial Umbrella insurance comes in. This policy gives you the extra liability coverage you would need to cover a big loss. What’s more, you get a whole lot of extra coverage at a very reasonable cost.
How an Umbrella Works
If there is an accident or injury you are responsible for, Commercial Umbrella insurance steps in once the limits on your primary policies are used up. Primary policies include General Liability, Commercial Auto, Employers Liability (under Workers Compensation) and Liquor Liability. The Umbrella coverage basically sits on top of these primary policies.
For example, let’s say you have $500,000 in General Liability insurance and $300,000 in Commercial Auto Liability. That sounds like a lot…and it can be for incidents that aren’t major. But what happens if a customer or vendor falls and breaks his neck while at your place of business? Or if one your drivers is in a car accident that kills the other driver? Say you are sued for $1 million or more. Where would the extra money come from if you were found liable for these amounts? Most businesses don’t have that kind of money and would end up bankrupt.
With a $1 million Umbrella policy, you would have the extra amount you need. Your primary coverage would pay up to its policy limit and the Umbrella would kick in to pay the rest. In the case of the driver’s death in an auto accident, your Commercial Auto policy will pay the first $300,000 and your Commercial Umbrella would pay the remaining $700,000 in a $1 million settlement.
Remember, although catastrophic claims are rare, when one does happen, it will not only turn your business upside down, it can also impact your personal assets depending on how your company is set up. It’s worth purchasing a Commercial Umbrella policy for peace of mind, and the amount of coverage you can get is economical. We offer amounts from $1 million up to $10 million.

To learn more about Commercial Umbrella and our other insurance products, click here to find an Indiana Farmers Insurance agent near you.

Insurance products are subject to terms, conditions and exclusions not described on this Website. The information on this Website concerning insurance policies and other products is intended to give you an overview of the policies and products offered by Indiana Farmers Insurance. None of the information—including any policy or product description—constitutes an insurance policy. The policy contains the specific details of the coverages, terms, conditions and exclusions. Coverages and their availability may vary by state.