As contractors grow, so does their risk. Larger projects, additional employees, more vehicles, and increased revenue all create greater opportunities for claims. While a standard General Liability policy provides an important foundation of protection, today’s lawsuits can easily exceed the limits many contractors carry.
A serious injury claim, major property damage loss, or large construction-related lawsuit can quickly generate damages that surpass a primary liability policy. When that happens, the business may be responsible for amounts exceeding the policy limit. For many companies, a single catastrophic claim can threaten years of hard work and financial success.
Commercial Umbrella Liability coverage provides an additional layer of protection above underlying policies such as General Liability, Commercial Auto Liability, and Employers Liability. Once the underlying policy limit is exhausted, the umbrella policy can step in to provide additional coverage. This extra layer often starts at $1 million and can be increased significantly depending on the needs of the business.
One of the reasons umbrella coverage is so popular among successful contractors is its value. Relatively small premiums can purchase a substantial amount of additional protection. As your business grows, your insurance program should grow with it. Umbrella Liability coverage can help ensure that one large lawsuit doesn’t jeopardize everything you’ve worked so hard to build.
Stay Tuned For Other Great Reads In This Month’s Newsletter
- Hired & Non-Owned Auto: Why Every Business Should Have It
- Is Your Commercial Property Properly Protected?
Connect with us Oklahoma Insurance Group