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How Does Commercial Umbrella Insurance Work?
Imagine that a customer sues you when a shelving unit in your store collapses and they are struck in the head by a metal support, resulting in a serious head injury. The court rules in their favor for a sum of $1,250,000 to cover the extensive medical treatments they receive, rehabilitation costs, lost income, and other expenses, but your liability insurance maxes out at $1,000,000.
A $1 million commercial umbrella insurance policy may cover the remaining $250,000 so that you don’t have to find another way to pay it. Your policy is a reassuring financial safety net. Plus, adding umbrella insurance may cost less than increasing the limits of your existing liability insurance.
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