Do I Really Need Commercial Umbrella Insurance?
At Tomins, we understand that each business is different and that the added cost of umbrella insurance doesn’t make sense for every situation. But the last thing you want is to end up with a claim in excess of the maximum payable amount outlined in your standard business policy.
Tomins strives to offer some of the most competitive umbrella insurance prices possible on coverage that’s designed to your unique risk exposure. At the end of the day, the cost of umbrella insurance can pale in comparison to the cost of being caught without it when you need it most.
What Coverages Are Eligible for Umbrella Insurance?
Unfortunately, not all commercial coverages are eligible for umbrella insurance. Typically, only the coverages directly related to certain types of liability qualify for umbrella coverage.
As a general rule of thumb, Umbrella Coverage can be extended to:
It’s also important to note for another coverage to be eligible for umbrella insurance, it needs to have clearly defined policy limits.
What Coverages Are NOT Eligible for Umbrella Coverage?
Umbrella insurance cannot be applied to any risk for which you don’t already have pre-existing coverage. In other words, umbrella insurance cannot function as stand-alone coverage. It can only be used as a secondary form of protection alongside another core coverage.
Beyond these limits, some types of coverages are not eligible for umbrella coverage at all. A few examples include:
The best way to know if a coverage is eligible for umbrella insurance is to speak with a Tomins business insurance expert.
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