Under my Umbrella-ella-ella
Everyone always says “that won’t happen to my business”, but let’s face it; we aren’t as invincible as we think we are. Umbrella liability insurance provides you with an extra layer above and beyond your General Liability Policy. Most General Liability limits are $1,000,000 per occurrence and $2,000,000 aggregate. Unfortunately what once seemed like enough may not be any longer. What happens if the claim settlement is higher than your GL limit?
Travelers Insurance Company provided a few examples of real life accidents that resulted in large liability settlements.
|A company truck ran a red light, striking a motorcycle in the intersection
|A defective product manufactured by an insured’s company cause a fire that claimed three lives and destroyed property
|A customer was injured by slipping on an icy walkway causing spinal cord injuries resulting in near total paralysis.
So how much is enough? Well no one can really say how much would be enough if you are involved in a liability lawsuit, however, if you have a Commercial Umbrella to sit over your General Liability policy you will be better protected. Even if you are found to be innocent, the cost of a lengthy lawsuit can be devastating, your General Liability and Umbrella liability would provide defense costs in the event you are pulled into a lawsuit.
Call your Trusted Choice agent today and determine if you have enough liability insurance to properly protect you if your business is sued.