If you want — or need — additional insurance coverage beyond your other business insurance policy, you want umbrella insurance.
In the unfortunate case that you need to make a claim in excess of the maximum payable amount outlined in your standard business policy, umbrella insurance can help cover the difference. This is especially important for high-risk businesses and business owners with an above-average possibility of being sued. However, looking at the exorbitant damages that we’ve seen awarded in the past, umbrella insurance is an important coverage for all businesses to consider.
Get a Quote Now Talk With Us Today
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.
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.
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.
Due to the unique risk exposure and operational differences that each business involves, it is nearly impossible to offer a one-size-fits-all cost estimate for umbrella insurance. At Tomins, we pride ourselves on offering custom-tailored policies designed to perfectly fit the needs of each business we work with.
Get your free personalized quote on our online portal here.
At Tomins, we are in the business of making commercial umbrella insurance easy. Start your free personalized insurance quote now at our online quote page. To make sure we can provide the most accurate and competitive quote possible, it helps to make sure you have the following information available when you apply:
Take the time to make sure all of this information is up to date and accurate. It’s the best way to ensure that we can provide you with the best quote possible.