Commercial Umbrella Insurance in Dallas
As much as your business may seek to financially protect its own employees and property, being at fault for other parties’ losses can also lead to catastrophic lawsuits and consequences. After all, even a single accident arising from everyday operations could trigger accusations of liability and legal claims that may jeopardize your organization’s financial stability and future potential. With this in mind, securing multiple layers of liability insurance coverage, such as through commercial umbrella insurance, may be critical.
What Is Commercial Umbrella Insurance?
Also known as business umbrella insurance, commercial umbrella insurance can provide a versatile and robust form of secondary insurance coverage for your organization. Even if you’ve already secured a diverse portfolio of insurance products for various liability-related risks, commercial umbrella coverage can further fortify your loss control measures, adding a layer of financial security should primary policies be exhausted.
How Does Commercial Umbrella Insurance Work?
Although the exact capabilities, limitations and details of commercial umbrella insurance may vary, these policies generally function as an emergency form of coverage. Should your organization’s losses exceed the policy limits of other forms of liability coverage—such as general liability, employer’s liability and commercial auto liability insurance policies—a commercial umbrella policy can step in to insulate your company from what might otherwise be devastating out-of-pocket losses.
What Does Commercial Umbrella Insurance Cover?
Commercial umbrella insurance can provide multifaceted financial protection from many common incidents and perils that might otherwise incur significant fiscal consequences. In many cases, these policies can render financial aid in response to third-party losses that exceed the capabilities of your general liability and commercial auto insurance policies. In addition, commercial umbrella coverage may also provide additional funds and resources should the limits of your employer’s liability insurance (often included in workers’ compensation insurance) be exceeded.
Who Should Purchase Commercial Umbrella Insurance?
Any business that deals with significant liability risks and exposures should highly prioritize commercial umbrella insurance. Even slight errors or accidents committed by the most diligent and cautious organizations could have far-reaching ramifications. Without commercial umbrella coverage, your company may run out of financial aid. Additionally, commercial umbrella insurance may be an integral investment for organizations that bid on projects and job opportunities, as many clients may require certain minimum liability coverage when determining eligibility.
Get the Right Coverage
At JES Tax and Insurance, we are committed to helping businesses in the Dallas, Texas, area understand commercial umbrella insurance coverage. Our dedicated team can help tailor specific policies, such as small business umbrella insurance, and ensure that your organization has an appropriate business insurance umbrella policy. Contact us today to learn more or to get a personalized business umbrella insurance quote.