Commercial Umbrella Insurance in Chicago, IL
Accidents during day-to-day operations might lead to lawsuits that could seriously impact your company’s future. Commercial umbrella insurance may provide financial security by adding extra liability coverage when your other policies reach their limits.
How Does Commercial Umbrella Work?
If your business faces a claim that’s bigger than what your regular insurance will pay, commercial umbrella insurance may help cover the rest. It often applies after the existing general liability, employer’s liability or commercial auto insurance has been maxed out.
What Does Commercial Umbrella Insurance Cover?
Commercial umbrella insurance may help with large claims that could drain your company’s finances. This typically includes medical bills if someone gets hurt, damage to other people’s property, legal fees and any court-ordered payments or settlements your business might owe.
Who Needs Commercial Umbrella Insurance?
This policy may be beneficial if your business faces risks that could lead to expensive lawsuits. It’s also worth considering if you’re bidding on jobs, as some clients may require a certain amount of liability coverage before working with you.
Examples of businesses that could benefit from this type of policy include the following:
- Contractors and construction firms
- Transportation and delivery companies
- Retail stores and restaurants
- Manufacturers and distributors
- Property managers and landlords
- Event organizers
- Professional service providers
How Much Should I Expect to Pay for Coverage?
Many factors influence how much you’ll pay for commercial umbrella insurance. These include industry risks, business location, number of employees, coverage amount, claims history and the underlying policies.
We’re Here to Help
Illinois Insurance Family helps businesses understand commercial umbrella insurance. Our team can help you find the appropriate policy. Contact us today for a free quote.