Umbrella & Excess Insurance is designed to protect business owners against multimillion dollar losses no company ever wants to have. Once your business is protected by the basic types of insurance coverages (like commercial auto and general liability insurance), you may want to consider an umbrella policy for extended coverage. An umbrella policy would provide additional coverage once the limits of the underlying policies have been exhausted.
Do I need an Excess Policy?
Quite often, commercial contracts may require higher limits to be carried by a contractor and there will not be a choice about whether to purchase and excess policy or not. Regardless of whether it is a contractual requirement, an umbrella policy can be an essential product for a contractor to have if they have a lot of liability exposure. One million dollars of coverage can be used very quickly with a single claim. Without an umbrella policy, a contractor will be on the hook for any damages above their policy limit.
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