Whether you rent or own your office space in Canada, getting office insurance is important. Office insurance provides financial coverage for physical loss or damage to your property including valuable papers.
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 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
1. An affordable second source of protection for your business beyond your primary insurance
2. Provides higher limits of liability for automobile, general liability, and employers liability
3. Can cover exposure gaps by kicking in where your primary insurance ends
4. Not just for large companies; limits up to $25 million may be available for all small business types
Who Should Purchase Commercial Umbrella Insurance?
The simple answer is anyone who’s 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:
1. Frequently interacts with customers
2. Works on someone else’s property
3. Is open for the public to visit
4. 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:
1. Amount of underlying coverage
2. Type of business/industry
3. Business size
4. Claims history
Lawyers Financial Office Insurance is remarkably simple and efficient. With just a few clicks, you are insured. We automatically send proof of insurance to any device. If you are a Canadian lawyer, interested in getting umbrella insurance for your practice or a comprehensive coverage package for your law firm GET A QUOTE TODAY!
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