Buying insurance coverage beyond what comprehensive general liability and automobile liability programs generally afford is a regular occurrence. Today, most businesses recognize the need to purchase umbrella and excess liability insurance policies to protect the assets of the organization. With the rising costs of lawsuits and judgments, business owners realize that they must secure coverage that can protect them when a loss exceeds the basic liability coverage limits.
Umbrella/Excess Liability Insurance provides businesses with additional liability coverage to help protect them against the potentially ruinous costs of claims. Significant assets can be at risk when businesses are the target of lawsuits. If the cost of a claim exceeds the limits of a business’s underlying primary insurance policies, Umbrella Insurance extends liability coverage for an additional layer of insurance to further protect business assets. Without Umbrella Insurance, business owners could be obligated to pay out of pocket for legal fees, medical bills, and damage expenses that exceed the limits of their underlying primary business coverages.
At AMG, we have the experience to help you craft increased limit solutions. We can tailor coverage to go over your basic liability insurance programs and expand it to include coverage over multiple underlying policies.