This type of coverage is called Umbrella Liability because it covers your business like an umbrella. It provides your business with additional insurance protection, beyond the limits of your general liability policy. For example, if your general liability policy provides $1 million, but a claim settlement provides for $1.5 million, your umbrella policy would provide the additional $500,000.
You may already have this type of protection with your personal insurance. This type of protection does the same thing except it applies to your business.
You can add umbrella liability coverage to your general liability, auto, hired and non-owned auto liability, and employer's liability policies. It is important to note, however, that umbrella coverage cannot be used to supplement your professional liability insurance.
In our ever-increasing litigious society, more and more companies are purchasing excess liability/umbrella coverage. It was only in the 1980s that multimillion dollar court awards were the exception, but now they are very common. A single event without the proper insurance protection can have devastating results on your business. Find out how we can integrate all of your insurance coverages, including umbrella liability.