umbrella

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Commercial Umbrella Basics: Part II

Commercial Umbrella Basics: Part II Recently, we covered the basics of commercial umbrella insurance: What is it, and is it right for your business? This month, we'll get into a few more details, and look at some of the instances in which commercial umbrella insurance might apply.
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Commercial Umbrella Insurance 101

Commercial Umbrella Insurance 101 All business owners in Washington need solid, affordable insurance, and many companies require multiple types. But what happens when something goes wrong and your insurance doesn't cover it? If the cost to pay for injury to others exceeds your policy limits, or worse, is excluded by the insurance policies you have, you could be stuck with potentially crippling out-of-pocket costs.
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Excess vs Umbrella

**always read your policy as coverages vary**

Excess policies provide an extra layer of protection for any of your liability policies, increasing the amount of money available for large claims and major legal action that may occur. An excess policy only comes into effect once the liability limits on the policy underneath it has been used.

Sounds a lot like an Umbrella doesn't it? We talked about Umbrella's here but what is the difference? They both provide extended limits so why pick one over the other?

Excess is over one line of coverage - Umbrella is over many.

Think of Excess like a bar graph - it goes straight up above the policy you already have. This means that it takes your current policy and increases the limits.

Umbrella goes over the top of, often, multiple policies. They also sometimes add extra coverages that are missing in the underlying policies.

Often Umbrella policies are more for personal lines coverages - your home, your car, your boat etc. While Excess policies are more for your commercial policies - the extra five million dollars on top of your current five million dollar policy for your bus company etc.

When contracts require that someone meet a liability limit for just one policy, excess is usually the answer. When you want more overall protection - the umbrella is.

It just depends on what you are trying to insure and how you want it covered.

So talk to us today! And let us see what we can do to increase your coverage in the best way possible.

Insurance Coverages - Umbrella Policies

Umbrella Policies provide an extra layer of protection for your homeowners, auto and other liability insurance policies. This helps by increasing the amount of money available for large claims and major legal action that may occur. The policy only comes into effect once the liability limits on the policies underneath of it have been used.
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Umbrella Insurance for Washington Residents. Added Protection Where You Need It

Sometimes, what appears to be an impenetrably solid roof above your head actually has little openings through which the rain can leak. The same is true of some car insurance and homeowner's insurance policies; they can appear to provide sufficient coverage, but, in the event of an accident of some sort, you may find yourself drowning in debt. To avoid getting soaked by surprising expenses, use an umbrella; umbrella insurance, that is.
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