It might happen that the coverage amount offered by an insurance policy for a third party liability, be it a home or car insurance, gets exhausted without fulfilling the requirement. In such a situation, a policyholder can get an umbrella insurance for extra coverage.
Commercial Umbrella Insurance
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What Is A Commercial Umbrella Insurance
An umbrella insurance, also known as extra liability insurance, is designed to provide extra protection to an individual from any legal or other liabilities, in case the limit of the primary policy gets exhausted. It helps the policyholder in protecting his/her future and assets. For instance, if you are covered under this policy and the liability insurance or third party coverage for your car insurance gets used up; umbrella insurance comes to the rescue. It provides you coverage beyond the limits of your policy. Claims related to umbrella insurance get settled within 30 days from the date of receipt of the documents. However, the duration can extend if any investigation is required or the documentation is incomplete.
What does Commercial Umbrella Insurance cover?
- Bodily injuries
- Lawsuits and Legal Processes
- Liability against damaging other’s tangible property
- Personal Liability
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Bangalore, Karnataka
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What are different types of Commercial Umbrella Insurance coverage?
- You will get covered for claims like slander, libel, false arrest, liability protection on your owned rental units, etc. Please note that these claims are usually not included in any other liability policies.
- You can buy an umbrella insurance policy at cheaper rates if you buy it from the same insurance provider.
- It provides additional security and you don’t need to worry even if you have exhausted your original insurance claim limit.
- It covers you against such threats, dangers and unforeseen circumstances which are not covered by any standard insurance policy.
- Provides you with a duty to defend form
- Provides broader coverage on various types of primary insurance
- Umbrella insurance narrows coverage gaps with its drop down feature
Business Owners Policy
Get customized insurance for your business according to your needs.
Business Liability Insurance
Helps you, your employees and your customers by providing them coverage.
Contractors All Risk
Construction is a high risk industry,cover your damages with CAR Policy
Workers Compensation Insurance
Covers statutory liability of an Employer for employee death or bodily injuries
Importance of Commercial Umbrella Insurance
It Covers you against unforeseen circumstances which are usually not covered by any standard insurance policy. As this policy gives extra liability coverage to the insured, it ensures peace of mind and makes them feel additionally secure. Contact us to know more.
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Bodily injury Coverage
Risk Factors
An elderly customer is injured when she trips on frayed carpeting while visiting your business. Her medical costs are substantial — and exceed the limits of your liability policy.
Solution
An umbrella policy can help when the costs of a claim surpass the limit of your underlying liability policy.
Commercial Auto Coverage
Risk Factors
Your employee causes a multi-vehicle accident while driving a company car to a business appointment. The combined medical and repair costs are higher than the limits of your commercial auto policy.
Solution
An umbrella policy can help with liabilities that exceed the limits of your underlying commercial auto policy.
Personal / Advertising Injury Coverage
Risk Factors
When a reputation has been damaged, umbrella insurance in place can help to decrease the legal blow.
Solution
It can cover personal injury like Libel & Slander, Malicious prosecution, wrongful eviction and also advertising injury like copyright infringement, or misappropriation of advertising ideas.
Contractual Liability Coverage
Risk Factors
The companies frequently assume a landlord’s tort liability when they rent office space.
Solution
This aspect only regards “insured contracts,” such as leases and easements. Commercial umbrella insurance can help you cover legal expenses arising when you accept the tort liability of another responsible party.
Lawsuits Coverage
Risk Factors
Legal and defence fees can skyrocket in a heartbeat and you may need to pay them from your own pockets.
Solution
Umbrella insurance can help to cover these particular expenses when you find yourself in the middle of a lawsuit.
Lawsuits Coverage
Risk Factors
Legal and defence fees can skyrocket in a heartbeat and you may need to pay them from your own pockets.
Solution
Umbrella insurance can help to cover these particular expenses when you find yourself in the middle of a lawsuit.
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