Business Umbrella

Get Extra Liability Coverage for Your Business

Commercial umbrella insurance has different names that mean the same thing. It may be referred to as a business umbrella or excess liability policy.

Protect Your Assets

Like a personal umbrella policy, commercial umbrella insurance provides liability limits — over and above your other policies — helping you protect your assets. These days, a general liability policy in Minnesota may not be enough to save your business from huge losses and financial distress. A commercial umbrella policy can often be the difference between losing your business or staying in business.

How Does Commercial Umbrella Insurance Work?

Commercial umbrella insurance provides additional coverage against property damage and/or bodily injury.

This affordable umbrella policy is added on top of the limits you purchased in your general liability, commercial auto, or workers compensation policies. In other words, it picks up where your other liability coverage stops — kicking in when your other policy limits have been reached.

What Minnesota Business Owners Should Consider

Umbrella policies are imperative for businesses. If you’re a business owner in Minnesota, consider:

  • The rising costs of lawsuits and judgements
  • Appeals are long and costly
  • Catastrophic liability losses can occur at any time

Commercial umbrella insurance protects you when the losses rise above your basic liability coverage. The time and effort you’ve taken to build your business is too much for it to fade away after one unexpected event.

Who Needs a Commercial Umbrella Policy?

Higher liability limits may be necessary for businesses with:

  • High profile
  • Sizable sales
  • Large auto fleets
  • Numerous assets
  • Worldwide presence
  • Significant public exposure

Possibilities and Examples

Commercial umbrella liability will help make sure your business is protected from large losses. Owning a business involves certain risks, but not having proper insurance is really risky! Nobody wants to be sued, but because accidents happen, sometimes lawsuits are inevitable. 

Consider the following possibilities:

-Your company is accused of not providing the appropriate professional services.

-People have too much alcohol at your company holiday party and leave intoxicated. This results in personal injury or damages.

-Your commercial building has an unknown toxic gas leak that causes injury/death.

Here’s an example:

Suppose your current policy covers you for $1,000,000, and you’re successfully sued for $1,500,000. In that case, your commercial umbrella coverage can pay the remaining $500,000. This amount is the difference between your business surviving, or not.

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Umbrella Coverage Options in Minnesota

How much umbrella coverage your business needs will depend on many factors, such as:

  • The type of business you own
  • The coverage you already have 
  • The assets you want to protect
  • Any risks that aren’t fully covered

Without the proper coverage, you may have to pay out of pocket for legal defense costs, medical expenses, or other damages that your current policy doesn’t cover. That’s why it’s important to talk with an agent who understands commercial umbrella policies.

Talk to All Things Insurance

Call (763) 645-5450 to learn more about commercial umbrella insurance in Minnesota, including the Minneapolis, Saint Paul, Rochester, Bloomington, Duluth, Victoria, North Oaks, Minnetrista, Medina, Waconia, and Chanhassen areas.

We’ll discuss your business operations, advise you on what type of liability coverage you need, and help make sure you’re covered.