Commercial Umbrella Insurance

What is Commercial Umbrella Insurance?

Commercial umbrella insurance is a type of commercial insurance that acts as an extension to a basic business liability policy. The additional limits these policies add on top of a standard commercial insurance policy add extra protection for a business at a relatively small cost. 

How Commercial Umbrella Insurance Works

As a business, you should have a commercial insurance policy that protects your company against liability and lawsuits that are brought against it. An extended commercial umbrella insurance policy adds to this coverage and further protects your business in the event that the limit is reached on your initial liability policy. 

If your business has a significant accident (that costs 2 million dollars) but your liability insurance only covers you for up to one million dollars, the additional million dollars can be covered by your additional umbrella insurance policy. This additional insurance coverage is generally not as expensive as a regular liability insurance policy, making it worth the investment for many businesses across nearly every industry. 

Commercial umbrella insurance can help cover your business against: 

  • Lawsuits that exceed the limits of your liability insurance 
  • Gaps in your other commercial insurance plans 

Umbrella insurance plans can be added to supplement automobile, general, employers, and many other types of liability insurance for a business. The scope of these plans can vary from company to company, and the plans are generally very easy to customize, giving businesses plenty of opportunity to build a plan that adequately protects their business by supplementing their already existing commercial insurance plans. 

Obtain Commercial Umbrella Insurance in Minnesota

Already have commercial liability insurance in Minnesota? Need a supplemental umbrella plan to further protect your business? Get in touch with the commercial insurance experts at The Patrick J. Thomas Agency. Our experienced insurance experts can help you build a plan that supplements your existing business liability insurance.