The company service truck is involved in a fatal auto accident and your driver is at fault your faulty wiring job causes a customer’s home or business to burn to the ground, and your existing liability policy does not have a high enough limit to cover the loss. As an insured, we hope these things never happen. Unfortunately, incidents like these do happen. A commercial excess policy, commonly called an “umbrella,” provides coverage limits in addition to your basic policy limit and is very affordable.
As you are well aware, it is not uncommon for the court system to award verdicts in excess of $1,000,000. The purpose of the “umbrella” is to give you, the policyholder, the additional liability protection limit you choose. Choosing to add a commercial ”umbrella” to your existing insurance program will give you “peace of mind,” knowing that you are protecting your business assets from catastrophic exposure at a premium level you can afford.