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  • Commercial Umbrella Insurance: What You Need to Know
    Game Plan

    Increase Your Protection When Lawsuits Max Out

    Umbrella insurance is often viewed as the most cost-effective way to protect yourself against the kinds of lawsuit-triggering events that could put you out of business. Think about it: Just one accident or inadvertent error could leave your company vulnerable to potentially massive damages and legal fees.

    This insurance will typically cover the legal costs, including attorneys’ fees, associated with a lawsuit. It would kick in either after your underlying policy coverage is tapped out, or in certain situations where the umbrella insurance drops down to fill in a coverage gap—even if a suit is frivolous or baseless.

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    Game Plan

    Consider: How vulnerable is your business to lawsuits? One obvious red flag is working with certain types of hazardous materials. Another is a large volume of customers using your premises—such as with restaurants. Other examples of activities that could increase your business risk are:

    • Ownership and operation of vehicles that present greater hazards, such as motorcycles, ATVs, and snowmobiles
    • Extensive travel
    • Owning multiple properties and/or renting out properties
    • Services geared to high-net-worth individuals, including their finances—or valuable property; losing a suit over lost wages or damaged assets might add up to a significant amount