Commercial umbrella coverage gives you extra liability coverage to help pay costs that exceed your general liability or other liability policy limits. A commercial umbrella policy provides extra coverage for certain types of liability insurance by extending your primary policies. That’s important because if you don’t have a policy in the first place, commercial umbrella coverage can’t extend it.
Insurance companies write umbrella policies with aggregate limits. These limits can range from $1 million to $2 million. This means your insurance company will only cover claims up to that amount.
It’s also important to know that umbrella insurance doesn’t cover every type of liability claim, and it won’t extend certain types of liability coverage.
For instance, if your accountant gets sued for making a mistake on an audit, professional liability coverage can help cover your defense costs. But if these legal costs exceed your professional liability policy limits, commercial umbrella coverage won’t cover the difference.
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