When it rains, it pours.
As much as you hope your standard insurance policies will fully cover your risk exposure, there are scenarios in which that’s simply not the case.
Commercial umbrella insurance is a form of liability insurance designed to cover losses that exceed underlying policy limits.
Designed to extend coverage to both you and members of your organization, a commercial umbrella policy can help correlate your coverage limits with your real-world risk exposure.
Defending against the possibility of losses that exceed your underlying policy limits, umbrella insurance from Higginbotham is designed with you in mind.
We start with listening and end with tailored solutions to help get you insurance that gives you peace of mind.
We are grounded in your priorities and elevated in your opportunities.
Whether your business faces an above-average risk exposure or you just want to explore options to maximize your coverage, Higginbotham is here to help.
Employee owned and customer inspired, we have the freedom to do what’s right, right now.
Our insurance specialists take the time to get to know you by name and nuance help make sure we deliver the right options for your needs. At Higginbotham, we turn your uncertainty into opportunity, freeing you up to manage the challenges ahead.
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Doing the work to make sure you have the most effective insurance plan can seem daunting. Not with us in your corner. With our nationwide network of insurance carriers and decades of experience, we’ll get you the custom coverage you need.
They make us feel like when we have a problem, our problem is their problem and they want to help us solve it
One example in which umbrella coverage can help protect your business is in a multi-car accident. If you or an employee under your direction causes a large accident involving many vehicles, you may be sued for the resulting property damage and injuries. While a standard commercial auto policy may have a high enough coverage limit to cover damages to a few of the injured parties, it could fall short of paying your total liability if there are more than a couple cars involved in your accident.
If you end up in such a situation, your umbrella coverage could help bridge the gap and save you from financial ruin.
If you’re still wondering if umbrella coverage is a good fit for your business, here’s some insight to help guide your decision.
Nobody wants to end up with a claim exceeding the maximum payable amount outlined in their standard business policy.
You may assume you only need umbrella insurance if your assets’ total value is greater than the limits of your liability policies. But, you want to have enough liability insurance to fully cover your savings, equipment and business equity to avoid losing them in a lawsuit.
In some cases, umbrella limits can be required in a contract, such as a mortgage. In other cases where it may not be required, it’s often still a wise investment.
Suppose your business engages in an activity that creates legal liability. In that case, umbrella insurance premiums could pale in comparison to the monumental losses you could suffer from a lawsuit.
Umbrella insurance can be tailored to cover a broad spectrum of risks. Though it can address a wide range of liabilities, here are a few things that an umbrella policy will not cover.
If you intentionally cause an accident or commit a willful act that injures or damages a third party, umbrella insurance may not cover your liability.
Unlike a commercial property policy that helps cover damage sustained to your business property and equipment, a liability policy helps cover the damage your business causes to third parties. With this considered, umbrella liability coverage will not help pay for damage to property owned by your business.
If you work as a consultant, supervise subcontractors or render professional advice, you may need to explore professional liability insurance to better cover your risk.
The cost of commercial insurance depends on the specifics of your business.
We take the time to understand the needs and challenges faced by each business owner we serve before designing a liability policy. Regardless of the specifics, we strive to provide umbrella coverage that’s tailored to your unique risk profile at the most competitive prices available.
To help ensure we deliver the best insurance policy for your needs, we need to learn more about your unique operation, including:
At Higginbotham, after we secure your business with coverage, our real work begins.
We deliver year-round value with our Day Two Services® that support your risk management efforts with expertise in compliance, loss control, claims advocacy and more.
With our seasoned team on your side, you know you have the best and brightest minds helping manage your risks and control your exposures.
Find out more about what our Day Two Services® team can do for your business.
A great plan starts with a conversation. Let’s talk about what you need.