What is Commercial Umbrella Insurance?
Commercial umbrella insurance is a type of liability coverage that provides extra protection for your business in case of a large or unexpected claim. It extends the limits of your primary liability policies, such as general liability, commercial auto, and workers’ compensation. It can also cover some situations that are not included in your primary policies, depending on the terms and conditions of your umbrella policy.
Why Do You Need Commercial Umbrella Insurance in Connecticut?
Connecticut is a state with a high cost of living and a competitive business environment. This means that your business may face higher risks of lawsuits and judgments from customers, employees, vendors, or third parties. If your business is sued for a large amount or a single incident that injures multiple people, your primary liability policies may not be enough to cover the full amount of damages. This could leave your business exposed to a significant financial loss that could affect your assets, reputation, and future operations.
Commercial umbrella insurance can help you protect your business from these scenarios by providing additional coverage beyond your primary policies.
For example, if your general liability policy has a limit of $1 million per occurrence and you are sued for $2 million, your umbrella policy can cover the remaining $1 million, minus any deductible. This way, you can avoid paying out of pocket or using your business assets to settle the claim.
How Much Does Commercial Umbrella Insurance Cost in Connecticut?
The cost of commercial umbrella insurance in Connecticut depends on several factors, such as the type and size of your business, the amount and type of coverage you need, the number and nature of claims you have had in the past, and the carrier you choose. Generally, the more coverage you need, the higher the premium you will pay.
However, commercial umbrella insurance can be a cost-effective way to increase your liability protection, as it typically costs less than increasing the limits of your primary policies. The Flash Insurance Agency, a leading provider of commercial umbrella insurance, the average cost of a $1 million umbrella policy is about $500 per year. Of course, this is just an estimate and the actual cost may vary depending on your specific situation and needs.
How to Get Commercial Umbrella Insurance in Connecticut?
If you are interested in getting commercial umbrella insurance in Connecticut, you will need to work with a licensed and reputable insurance agent or broker who can help you find the best policy for your business. You will need to provide some information about your business, such as the type of industry, the number of employees, the annual revenue, the location, and the primary liability policies you have. You will also need to decide how much coverage you want, which can range from $1 million to $10 million or more, depending on your risk exposure and preferences.
Commercial umbrella insurance is a smart and affordable way to safeguard your business from large and unexpected liability claims. It can give you peace of mind and confidence to run your business without worrying about the potential financial consequences of a lawsuit. If you are looking for commercial umbrella insurance in Connecticut, don’t hesitate to reach out to a qualified insurance agent or broker today and get the protection you need.
We can help you with all your business commercial umbrella insurance needs. You can reach us at (203)872-9512 or Info@flashinsurance.us. You can also fill out this quote form for an instant quote.