Insurance 101: Everything you need to know about umbrella insurance

24, Jan, 2022

What is umbrella insurance?

What happens if your business is held liable for judgment amounts that exceed the liability coverage limits of your insurance policy, or multiple claims have been made against your business? Not having the needed coverage for lawsuits can leave you and your business exposed. Umbrella insurance can help mitigate these risks.

Commercial umbrella insurance provides the policyholder (you) with an added layer of liability protection for you and your business. The policy covers costs that go beyond your other liability coverage limits. In other words, commercial umbrella insurance works as a backup for your other liability coverages by taking over when your other liability coverage limits have been exhausted.

Key benefits of commercial umbrella insurance

  • An extended layer of protection for your business beyond your primary insurance limits
  • Provides higher limits of liability for automobile, general liability, and employers liability
  • Can cover exposure gaps by kicking in where your primary insurance ends
  • High limits are available and offered to all ASET members through the Technologists Office Protection Program

Key benefits of commercial umbrella insurance

The simple answer is anyone whose risk may surpass their standard policy limits. Usually, the more your business interacts with clients and customers, the higher your liability risk will be. As your business grows your need for umbrella insurance increases.

Business umbrella insurance can be helpful if your business:

  • Frequently interacts with customers
  • Works on someone else’s property
  • Is open for the public to visit
  • Is operating in an industry with high risks/exposures

How much does commercial umbrella insurance cost?

Your cost for commercial umbrella insurance depends on multiple factors, some of which are listed below:

  • Amount of underlying coverage
  • Business size/revenue
  • Claims history

If you are a technologist, interested in getting umbrella insurance for your practice or a comprehensive coverage package for your business, check out the Technologists Office Insurance Program offered by ASET.
 

The Technologists Office Protection Program

Designed specifically for Technologists, closely with ASET, the Technologists Office Protection Program (TOPP) provides comprehensive coverage in the event of damage plus a number of value-added coverages including:

  • Cyber risk
  • Damage to computers and electronic media
  • Loss or damage to valuable documents
  • Crime coverage including fraud
  • Employee theft
  • Umbrella coverage bodily injury, property damage, personal and advertising injury

Whether your firm rents office space or owns its own building, it's vital to have protection against possible damage to business property, as well as many other risks.

With the Office protection program, you and your business have 360° coverage. To see how the Technologists Office Protection Program can give you and your business comprehensive coverage that is designed to fit your needs, CLICK HERE

 

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