Get the Right Coverage

When you purchase any insurance, you should ask yourself: “Are the limits high enough to protect my family’s financial well-being if a claim is made against me?”

Unfortunately there is no definitive answer. But having more liability insurance coverage is never a bad thing. Two common choices are excess liability insurance and a personal umbrella policy. 

Below, we review the differences between the two so you can make an informed decision.

Why is it a good idea to have an Umbrella or Excess Liability policy?

Either of these policies, no matter which fits your company needs better, provide extra protection against claims by others, including personal injury or property damage for which you are legally liable, non-business related liabilities including slander, false arrest and libel, and even defense costs for attorneys.  The limits provided in Umbrella and Excess Liability policies can range from $1,000,000 to $5,000,000 and above.  The right amount is dependent on the value of the assets you need to protect and also those assets that may be acquired in the future.

Umbrella policies can arguably be the better decision if extra coverage is needed.  An umbrella policy has a broader form and does not simply follow the underlying policy forms.  The insurance it provides is based on the coverage form found in that Umbrella policy, not just in the underlying policies.  It can provide extra insurance for the gaps missed in the underlying policies.   It can however be the more expensive option of the two.  Excess Liability policies follow the forms of the underlying policies and nothing more.  There is no excitement in an Excess Liability policy; all coverage disputes arise from the underlying coverage.

As claim costs start to rise it is always helpful to check into both of these options to help provide extra protection for your company.  The typical $1,000,000 limit isn’t what it used to be and you definitely don’t want to find that out when that large claim happens.


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