Commercial Umbrella Insurance in Chicago, IL

Commercial umbrella insurance is a policy designed to give businesses an extra layer of liability coverage. It sits on top of your existing liability policies, such as general liability or employers liability, offering higher limits when claims exceed the coverage available under those base policies.

How Is Commercial Umbrella Insurance Calculated?

The cost of a commercial umbrella policy depends on several factors. Insurers typically consider the size of your business, the type of industry you operate in, your annual revenue, number of employees and your claims history.

Coverage limits also play a role; higher limits generally mean higher premiums. Because umbrella coverage is meant to extend existing policies, the strength and details of your underlying insurance will also affect pricing.

How Does a Commercial Umbrella Policy Work?

Umbrella coverage activates when a claim surpasses the limits of your underlying liability policy. For example, if your general liability insurance has a $1 million limit but you’re held responsible for a $1.5 million claim, your umbrella policy may step in to cover the additional $500,000, up to your umbrella limit. It does not replace base policies but rather builds on them, offering added insurance against lawsuits or catastrophic claims.

Request a Quote Today

Commercial umbrella insurance gives your business access to broader financial support when unexpected claims exceed standard limits. At Salvador Insurance Agency, we can help you review your existing policies and assist you in choosing appropriate limits for your business. Contact us today to request a commercial umbrella insurance quote.