Commercial Umbrella Insurance in Chicago, IL
General liability and property insurance policies provide essential protection for businesses but may not offer adequate coverage for claims exceeding a policy’s limits. Commercial umbrella insurance can help provide additional financial protection to help cover costly liability claims.
Contact the business insurance team at Salvador Insurance Agency in Chicago, IL, to find out if commercial umbrella insurance is appropriate for your organization and get a personalized quote.
What Is Commercial Umbrella Insurance?
Commercial umbrella insurance, also known as excess liability insurance, may extend the limits of your company’s primary liability insurance policies, including commercial auto insurance and general liability insurance. It is designed to help provide higher coverage limits for liability claims exceeding your underlying policies’ limits.
Commercial umbrella insurance may help protect your business from the financial consequences of catastrophic events, costly lawsuits and substantial financial losses that could otherwise jeopardize your company’s financial stability.
What Are the Benefits of Commercial Umbrella Insurance?
One of the main advantages of commercial umbrella insurance is increased liability coverage. When a claim surpasses the limits of your primary insurance policy, the umbrella policy may help provide additional coverage, protecting your business from having to pay out of pocket for damages or legal expenses.
Commercial umbrella insurance may help cover many liabilities, including bodily injury, property damage, personal injury, libel, slander and advertising liability. It can help fill the gaps in your existing insurance policies, ensuring your business is appropriately protected against risks and potential lawsuits.
Purchasing a commercial umbrella policy is often more cost-effective than increasing the coverage limits on each primary insurance policy.
In some cases, your company may be required to carry commercial umbrella insurance by contractual agreements with clients, vendors or landlords.
Is Commercial Umbrella Insurance Right for Your Illinois Business?
Commercial umbrella insurance can be a good fit for many businesses, particularly those with higher risk profiles or substantial assets. If your business interacts with the public, handles sensitive customer information or operates in industries prone to lawsuits, having an umbrella policy can provide necessary safeguards.
Commercial umbrella insurance is essential to a comprehensive risk management strategy for businesses. An unforeseen event or substantial liability claim can significantly impact your business’s financial health, making it vital to have the proper protection in place.
Contact Salvador Insurance Agency today to learn how commercial umbrella insurance can help protect your company from risks that could threaten your financial stability.