Why Do I Need a Commercial Umbrella Policy? Without this coverage, a business owner could be left paying legal fees, medical bills, and damage expenses. This coverage protects a business when the cost of claims exceeds the limits of their primary liability insurance policies. What is Commercial Umbrella Liability?Ī commercial umbrella insurance policy is an extra layer of liability insurance. This is an example of a situation where a commercial umbrella insurance policy could take effect and ease the financial burden of a lawsuit. These expenses exceeded the limits of their liability insurance policy. The subsequent investigation revealed the cause of the fire to be faulty wiring in the pizzeria.īecause the fire destroyed a neighboring business, Steve and Lisa ended up in a legal battle with the other business owner, resulting in a $2 million settlement, attorney fees, and court costs. An adjoining business had also started on fire, and by morning both businesses were destroyed. They arrived shortly after to discover their business engulfed in flames. Shortly after celebrating their fifth year in business, Steve and Lisa received a terrible call in the middle of the night informing them S&L’s Pizza Place was on fire. After years of saving, researching business strategies, and experimenting with recipes, they finally opened S&L’s Pizza Place. Steve and Lisa dreamed for years of running a pizzeria. How would your business be affected if you were faced with a lawsuit that exceeded your insurance limits?
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