NewMark:
Keep Cover with Commercial Umbrella Insurance

You’ve worked hard to get your business where it is today. Protecting your legacy is of paramount importance to you. You’ve implemented best practices and protocols to help prevent accidents, stem losses, and keep your customers safe. You’ve also secured a liability insurance program to safeguard your company assets in the event of a loss or accident that involves your business. Yet with today’s sky-high judgments, the coverage amount under your Commercial General Liability insurance policy may very well not be enough. One catastrophic loss – such as a serious injury on your premises or a vehicular accident involving a company car – can ruin you financially.

Excess Liability for Added Peace of Mind

That’s why the prudent thing for business owners to do is to supplement their General Liability insurance with Excess Liability or Commercial Umbrella insurance. This coverage, which is cost-effective to purchase, provides an extra layer of protection over and above standard Liability policies. An Umbrella policy will kick in when your underlying limits are exhausted, providing protection from various types of liability, including personal injury, liquor law, contractual, and vehicle. For example, if you’re found liable for $2 million damages, but are only insured for $1 million for that type of liability, your Umbrella policy will cover any additional liability up to the amount you purchased. With a $3 million Umbrella policy, your effective insurance against any covered type of liability becomes $4 million.

Our professional staff at NewMark will review your assets, exposures, and the amount of risk your business can tolerate in order to secure a competitively priced Umbrella policy from the top-rated insurers we represent. In addition to assessing the amount and type of coverage you need, our team will review your operational practices for ways to reduce sources of potential losses and other costs.