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Commercial Umbrella Insurance

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​A Commercial umbrella Insurance policy is essential to protect your Georgia Business

A Million Dollars does not go as Far as it used to, that is why more and more contracts are looking for you to carry a commercial umbrella insurance policy.

Requirements from certificate holders for commercial umbrella insurance policies are coming up daily at the Roberts Insurance Group.


Client’s that are getting their contracts renewed are finding out that the insurance requirements have increased and now they are looking for them to carry a commercial umbrella insurance policy.
​
Why?  Well the answer is simple, the million dollar limit that you have on your business auto insurance and business liability insurance coverage does not go as far as it used to.   It was rare to see a claim exceed $1,000,000 in judgements, but today it is a daily occurrence.

And we have all seen the lawyers who pay for the television ads that claim get their clients the most money from businesses that they say wronged their clients and from the big bad insurance companies.  Every time I see one of these commercials, it reminds me of why we have our commercial umbrella insurance in place at the Roberts Insurance Group.

What is a commercial umbrella insurance policy? A business umbrella policy covers your business with additional liability insurance coverage.  This is to help protect you not having enough coverage to handle a loss when it is presented.   Your business assets are at risk when your business becomes the target of a lawsuit.

A Commercial umbrella policy extends your coverage by providing an additional layer of liability protection to protect your business.  A commercial umbrella goes on top of the underlying liability, such as general liability insurance, commercial auto liability insurance and employer’s liability insurance to name a few.

Most carriers offer umbrella policies in the amount of $1-5 million, but limits of $10 million or even $25 million are not unheard of for a small business.

Since, the umbrella is an additional layer and not the primary insurance the cost for these additional levels is not as much as you would think.  Also, as you increase each million is a little less than the million before.

One thing to keep in mind with a commercial umbrella policy, in order for the carrier to provide the additional layer of protection, most carriers also want to write the underlying  or primary layers for the general liability, commercial auto and employer’s liability.  There are a few reasons for this:
  1. They want to know what forms and endorsements are on the underlying policies to be sure that they meet their requirements and there are no unusual exclusions or limitations on the coverage where the umbrella might have to step into the primary position.
  2. The rate for the umbrella is based on the rates for the underlying policies, so if the carrier rights the coverage then they will know the pricing on the policy.
  3. They want to be sure that the underlying policies are in effect and have not been cancelled for nonpayment or other reason that will affect there to be a gap in the umbrella protection.
  4. As the exposures change for the vehicles, payroll, cost of subcontractors, claims, etc. The carrier wants to be made aware to be sure that the umbrella based on the appropriate premium.
There are specialty companies that can write an umbrella without having the supporting coverage but they generally cost more than a carrier that has the underlying coverage would charge.

Make sure that you review your contracts prior to signing them.  More and more contracts have a commercial umbrella or excess liability insurance requirements in them. Give our team here at the Roberts Insurance Group a call to discuss your insurance requirements and what the cost for the umbrella would be before you sign your next contract.

The umbrella carrier will require that you have a minimum standard limit of coverage on your underlying insurance policies to even qualify for the umbrella policy.

Generally they require:
  • $1,000,000    General Liability each occurrence
  • $2,000,000    General Liability aggregate
  • $1,000,000    Commercial Auto Liability
  • $500,000/$500,000/$500,000   Employers’ Liability limits (This coverage can be found as part of your workers compensation insurance policy)

The Roberts Insurance Group is here to help you put together a comprehensive plan for your business coverage and looking to protect your business from devastating lawsuits. Contact us today to get this squared away! 678-25-8133

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Roberts Insurance Group
64 Academy St
Canton, GA 30114​
(678) 250-8133
Alex@RobertsInsGroup.com

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Canton town square photo by Akhenaton06 | CC-BY-SA-3.0 | Website by InsuranceSplash
  • Business Insurance
    • Coverage Types >
      • Bonds
      • Business Auto - Commercial Auto Insurance
      • Business Liability Insurance - General Liability
      • Business Owners Package (BOP) Insurance
      • Builder's Risk Insurance
      • Commercial Property Insurance Georgia - Commercial Real Estate Insurance Canton GA
      • Commercial Umbrella - Excess Liability Insurance
      • Liquor Liability Insurance
      • Pollution Liability Insurance
      • Workers Compensation
    • Industry Specialties >
      • Apartment Owners Insurance
      • Auto Body Shop Insurance
      • Auto Dealers Insurance
      • Auto Mechanics Insurance
      • Contractors Insurance >
        • Dump Truck Insurance
        • Electricians Insurance
        • HVAC Contractor Insurance
        • Janitorial Insurance
        • Landscaper Insurance
        • Plumber Insurance
        • Roofing Contractor Insurance
      • Convenience Store - Gas Station Insurance
      • Manufacturers Insurance
      • Restaurant Insurance - Bar
  • Work Comp Cost Control
  • Pricing
  • Schedule Consultation
  • Blog