Business Liability Umbrella / Excess Liability Policy Minnesota
If you are a Minnesota business owner then you will want to make sure your business is completely covered in case something happens that normal insurance doesn’t fully cover, so then it is time to consider commercial umbrella insurance. Business liability umbrella insurance will also cover your business if your company is sued.
What does Commercial Umbrella Insurance cover?
Commercial liability umbrella insurance is a type of insurance that is in addition to regular building or other insurance types. It covers your company if your regular types of insurance have a small limit and the problem your company faces requires more money than it can provide. Plus, it provides excess liability Minnesota business owners need if an accident or incident happens in a place other than your home state of coverage.
Some of the possible types of incidents this business liability umbrella insurance could cover for your company include:
- Accidents occurring on your business property such as someone falling or slipping or things like a possible carbon monoxide leak injuring someone
- Lawsuits due to libel, slander, or an invasion of privacy
- Lawsuits due to a business’ product or service causing an injury or sickness
- Fire that may damage another property next to your company property
- Any violation of Employment Practices Liability
- Accidents involving a company vehicle
Do You Require Commercial Umbrella Insurance Coverage?
This kind of insurance coverage delivers excess liability Minnesota business owners could need after any primary insurance policies cover the incident or accident. If you work in an area where there could be high costs involved in such accidents or incidents, you likely do need business liability umbrella insurance to make sure your company doesn’t lose all its money during such an event.
How much Umbrella Coverage Do You Need?
If you are unsure of the amount of commercial liability umbrella insurance you require, you need to speak to your local excess liability Minnesota insurance agent to discuss it. It should be based on the amount of insurance you have in your other regular policies to some degree since it covers you after they have paid.
For example, business liability umbrella insurance can provide more than a million dollars or more if needed, and it covers way beyond what other underlying coverage would provide. It also covers legal bills, medical bills, additional fire coverage for damage, additional property damages, and more. Talk to your local excess liability Minnesota insurance agent to discuss your business’ needs.