A commercial umbrella policy protects against sudden, catastrophic losses. It provides broad coverage to protect your company’s financial assets.
The advantages of this policy include:
- Liability coverage for bodily injury, property damage, advertising, and personal injury claims
- Installment payments alternative
- No exclusion for fellow worker suits
- Self-insured retention, generally as low as $10,000, for claims covered under the umbrella rather than covered by an underlying policy
- First-dollar defense coverage for covered losses when no principal insurance is available
- Non-application of general aggregate limit to auto coverage if inherent policy also has no limitation
- Worldwide coverage
- Broader coverage compared to an excess policy
- Pollution coverage similar to auto liability and general liability coverage
Additionally, shippers will understand they’re dealing with a well-protected carrier. They are willing to use you to include other-than-trucking operations such as warehousing, income property, repair shop, etc., on a case-by-case basis. An umbrella policy also provides simplicity of claims handling when all coverage is with the same carrier.
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