Commercial Umbrella Insurance in Chicago, IL
Commercial umbrella insurance can help protect your company’s finances against large settlement and liability claims. At Illinois Insurance Family, we help companies secure an extra layer of liability coverage.
What Is It and What Does It Cover?
Commercial umbrella insurance can provide your business with additional liability protection beyond the limits of your existing policies, such as general liability or commercial auto. If your business faces a claim that exceeds your policy limits, a commercial umbrella can cover the remaining costs.
It can offer coverage for claims that exceed the limits of your underlying policies in many situations, including the following:
- Your employee crashes into someone else’s vehicle while making deliveries.
- A customer fractures their elbow after slipping on a wet floor inside your store.
- You are sued for damages caused by a product your company manufactures.
- A competitor sues your business for alleged defamation.
- You are found guilty of copyright infringement.
Why Do Businesses Need This Policy?
Even with appropriate liability insurance, a single incident can quickly exhaust your standard policy limits. Your company could be vulnerable to substantial financial losses without commercial umbrella insurance.
How Much Does This Policy Cost?
The cost of a commercial umbrella insurance policy can be influenced by several factors, including:
- Location
- Type of business
- Industry
- Number of employees
- Underlying policy limits and deductible
- Claims history
How Our Team Supports Your Business
At Illinois Insurance Family, our team will work closely with you to assess your current coverage, identify potential gaps and recommend commercial umbrella insurance solutions tailored to your needs. Contact us today for a no-obligation quote.