Commercial Umbrella Insurance

Think you might need commercial umbrella insurance to protect your business? Here's what you need to know.

The umbrella policy serves three purposes. First, it provides excess limits when underlying liability policies are exhausted by the payment of claims. It also drops down and picks up where the underlying policies leave off when the aggregate limit of the policy in question is exhausted. Finally, it provides protection against certain claims not covered by the underlying policies, subject to the specific terms and assumption by the named insured of a self-insured retention (SIR).

Say a customer comes into your store, slips on a wet floor, and sustains injuries. They decide to sue you, and between legal fees and their medical bills, you're out thousands beyond what your small business insurance in Maryland paid out. That coverage comes out of your own pocket (and your business’) if you don't have umbrella coverage.

Many companies spend thousands of dollars defending themselves against claims for which they aren’t at fault. It's this type of scenario that can demolish even a well-established business. Medical fees, claims fees, and unforeseen legal expenses all add up remarkably fast – and commercial umbrella coverage is intended to bridge any gaps that occur between your business insurance and the actual costs of those claims.

Without umbrella coverage, you'll end up paying for anything – like medical bills or claim fees – that your standard policy doesn't cover. However, with umbrella coverage, you can rest easy knowing that you have additional protection against unforeseen situations. It can be the difference between bankruptcy and a sustaining a thriving business. And it's more affordable than you might think.

Are you considering your commercial umbrella coverage options or another type of small business insurance? Give WSMT a call (or stop by and see us!) today. We'd love to talk to you about your needs and get you a quote for protection that extends your liability insurance in Maryland.