Commercial Umbrella Insurance in Michigan
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 a Peninsula Insurance Services agent what the best coverage is for you on a commercial umbrella policy. Ask a an agent about Excess Liability Coverage today. Call today 517-347-2424
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Peninsula Insurance Services represents the top-rated insurance companies in Michigan. We will compare pricing and coverage options finding you the best policy for your needs. Call us at: 517-347-2424 or click the button below to send us a message for your quote.