Businesses located in the Big Apple and the surrounding counties can benefit from having excess umbrella insurance in New York. This policy refers to liability insurance coverage that protects the assets and future income of the business above and beyond the standard limits set on the primary policies. An excess umbrella insurance policy adds another layer of protection to any of the several other policies the business may carry.
The policy limits that a particular business or firm needs will largely depend on the nature of the business. For instance, those operating in construction will have far greater risks and exposures than a retail store. Pharmaceutical manufacturers are likely to face severe risks due to the nature of the products that they sell and provide, and are therefore subject to catastrophic losses. Thus, they are likely to need much higher umbrella limits than a retail store.
Typically, an umbrella policy is sold in increments of one million Dollars. The term “umbrella” is used because it covers liability claims from all policies underneath it, for when the limits of those policies are reached due to rather large settlement or judgment amounts in excess of their coverage limits. Those policies include a business owners policy, commercial auto policies, and workers’ compensation policies, among others.
For example, if a company has $1 million in General Liability coverage and a covered claim is settled for $1.5 million, their business umbrella insurance policy would pick up the $500,000 not covered by their General Liability policy. No matter what business precautions have been taken, the owners need to know with full certainty that their insurance will cover any “gaps” left open by their current policy.
A typical commercial umbrella liability policy generally offers a wide variety of features, such as:
- Worldwide coverage
- Personal injury coverage
- Blanket contractual liability protection (for both written and oral agreements)
- Care, custody, and control coverage
- Non-owned aircraft liability
- Watercraft liability
- Advertisers liability
- Liquor law liability, and an extension of protection to additional insureds
New York excess umbrella insurance is a policy for those who sincerely wish to protect their business and assets with affordable coverage. Speak to an agent today.