Commercial Umbrella Insurance in Minnesota

Commercial umbrella or excess liability policies provide businesses with additional layers of liability insurance to help protect against larger claims. This type of policy goes over, or is added on top of, the limits you purchased in your underlying policies, such as your general liability, business auto or workers compensation.

Umbrella or excess liability policies are more important today than ever before because the costs of a legal defense continue to rise dramatically, people file frivolous and baseless lawsuits that still require defense costs, courts award high amounts of damages and record setting judgement. Appeals are long and costly and overall, our society is more litigious in nature.

Like a personal umbrella, a business umbrella policy will cover a catastrophic loss and can save a business from huge financial distress. Often, it can be the difference of staying in business or going out of business.

Umbrella liability insurance for your business will protect you when a covered claim occurs and your existing liability policy cannot cover all the expenses. Your standard business liability will typically be adequate for most situations, but umbrella liability will help ensure that your business is protected for large losses. Owning a business is risky, but going without proper insurance is riskier. No one wants to be sued, but because accidents occur, sometimes lawsuits are unavoidable.

Consider these possibilities:

• Your company holiday party serves too much alcohol and people leave intoxicated resulting in personal injury or damages.
• Your commercial building has an undetected carbon monoxide leak and that results in injury/death.
•  Your business is accused of failing to render the appropriate professional services.

Umbrella Liability Insurance – Coverage for your Business

An inexpensive business umbrella policy picks up where your business auto liability, general liability or other liability coverage stops. Umbrella insurance provides extra coverage against bodily injury and/or property damage.

Take the following example:  Your current policy covers you for $1 million and you are successfully sued for $1.5 million, your business umbrella coverage can pay the outstanding $500,000 – This is the difference of losing your business and staying in business.

How much commercial umbrella insurance coverage does your business need? A variety of factors goes into determining the answer, including the type of business you own and how much coverage you already have.

It is important to discuss with an agent in our office what the best coverage is for you on a commercial umbrella policy. Talk to us today about your Commercial Liability Coverage today. 952-930-3661