Excess Liability Insurance
Excess liability insurance provides you with extra protection coverage in the event of being sued by a person injured allegedly due to your negligence. The insurance coverage comes in handy if the judgement against you exceeds the value of your total family assets or business assets, thus threatening to cripple your future income and even savings. This may include medical expenses and other claim payments exceeding insurance limits on an underlying policy, such as homeowner’s policy. A business example would be a claim that exceeds the underlying liability limit on your general liability policy. This type of insurance coverage is also known as umbrella liability insurance or commercial umbrella insurance.
Personal Financial Protection
Excess liability insurance adds another layer of protection (or additional layers) to your basic personal liability coverage, which means it is necessary that you have the basic insurance coverage to procure excess liability coverage. Excess liability insurance coverage includes libel, slander, false eviction, character defamation, and false arrest. In some cases, the policy also offers coverage for court fees and legal defense costs that are not covered by an underlying policy. A policy holder might also avail the benefit when the lawsuit is not covered by their underlying policy.
Business Financial Protection
The excess liability insurance sum may range from $1 to $50 million. Excess liability insurance policies must be renewed every year. While some insurance providers focus on home insurance solutions for excess liability, some others provide only coverage for business entities. Having additional layers over your auto insurance coverage is critical as well. More fortunes are lost as a result of not having enough coverage in this area. The coverage can go over your business auto policy as well as your general liability policy limit. There is no greater coverage for a few hundred dollars per year.
If you have excess liability insurance coverage, you will get immense benefit and save some money by reducing the costs you would be liable to pay if you experience catastrophic events, including, traffic accidents, slip and falls or any casualty. Call us for details and a quote!