Illinois Commercial Umbrella Insurance
A commercial umbrella policy provides extra coverage for liability claims over and above the limits afforded by your existing general liability, employers’ liability, or auto liability.
They Will Want More Because You Have More. Protect Your Business With a Commercial Umbrella Insurance Policy.
Consider this example of a claim that happened to an insured: A telephone repairman arrives at their building on a rainy day to do some repairs. On his second trip up an interior stairwell, he slips on the slate stairs and falls to the landing. The general manager of the building says he had no idea about water on the stairs. The repairman has several knee, back and neck surgeries and now requires a cane. The jury found the insured 100% responsible and awarded the repairman $1,600,000 in damages. The insured had a general liability policy with a $1 million liability limit and had a $2 million umbrella policy that covered the extra $600,000 of the award.
How Commercial Umbrella Insurance Works
A commercial umbrella policy has four distinct purposes:
- It expands the limit that your business already has in its existing, or underlying liability policy. If you carry at general liability policy with $1 million coverage per occurrence and $2 million coverage per aggregate, you could expand those limits to $3 million per occurrence and $4 million per aggregate with a $2 million umbrella policy.
- A commercial umbrella can cover exposure gaps by kicking in where your primary insurance coverage ends.
- You are protected against claims that may not be covered by your underlying policies for general liability, auto liability and watercraft liability.
- You can get coverage for defense costs and attorneys’ fees associated with a claim against you that are covered by your commercial umbrella policy, but not by your primary policy.
No Business Is Too Small For Umbrella Coverage
No matter the size of your company or how well it is run, your business can face the potential of a devastating claim from an unforeseen event. A single slip and fall from a customer in a retail store, restaurant or apartment building can leave your business potentially liable for medical expenses, damages and other payments.
The right amount of umbrella insurance depends on a variety of factors. The type of business, number of employees and the amount of assets are all important when thinking about commercial umbrella coverage. Talk with a member of the R.C. Keller & Company team to decide how much coverage your business will need.
Contact R.C. Keller & Company to help protect your business assets with a personalized commercial umbrella insurance policy.
R.C. Keller & Company is a full serviced Trusted Choice Insurance Agency. We have protected the residents and business of Illinois since 1910. We offer a full array of Personal Insurance, Business Insurance and Life Insurance products. Call 847-907-4520 today for your free no obligation quote or fill out the form at the top of the page.