Excess/Umbrella Liability

So just what is umbrella insurance? Think of it as “excess coverage” insurance, as it can provide that extra coverage to underlying general liability, liquor liability, auto liability and/or worker’s compensation policies. Typically, umbrella insurance is purchased in increments of $1 million, though it’s worth noting that in order to purchase umbrella policies, most insurance firms require minimum amounts of general liability, liquor liability, auto liability and/or worker’s comp policies to qualify.

You could be held liable for injuries caused
by a patron who drank at your establishment.

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The Importance Of An Umbrella Policy

Imagine you’re ordered to pay $1.5 million to the injured party because one of your customers drank at your establishment and was later involved in a automotive collision, but your liquor liability policy limit is $1 million. If you’ve elected to purchase an umbrella policy for $1 million, it would cover the remaining $500,000 that you’d otherwise have to pay out-of-pocket, potentially saving your business.

Like we said, umbrella insurance is essentially extra coverage if the unthinkable were to happen. And when it comes to running a restaurant or bar, the last thing you’d want is the unthinkable to put you out of business. What’s more is that umbrella policies are fairly affordable when you consider the would-be costs associated with a large claim. Umbrella policies start at $500 and increase depending on what underlying policies you would like it to cover and the limit of liability you have requested.

In short, excess/umbrella liability is a complex coverage that is becoming harder and harder to procure, but with a proper insurance broker, you can effectively get the correct coverage for your risk.

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Andrew has a decade of experience with insurance, he can review your current coverage and tailor a policy specific to your needs.

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