Commercial Umbrella Insurance2022-12-08T15:28:42-05:00

Commercial
Umbrella
Insurance

Commercial Umbrella Insurance

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Save up to 37% with Fearnow Insurance

Do you need commercial umbrella insurance? As a business owner, you could encounter situations where your basic liability policy doesn’t cover the entire claim. If you don’t have an umbrella policy, you would be forced to cover that overage from your business finances. To reduce your financial risk, we recommend that all businesses have a commercial liability umbrella policy.

Who Needs a Commercial Umbrella Policy

If you’re a small, medium, or large business that interacts a lot with customers in person, has employees work off-site on customer properties, or have heavy machinery on-site that your employees use, you are a good candidate for a commercial umbrella policy. In these scenarios, you’re at an increased risk for accidents. Someone could slip and fall while they’re in your place of business. The property owner could get hurt at the job site where your employees are working, and some could get injured around your heavy equipment.

What Our Customers Say

Shane has been exceptionally helpful, always responded promptly, was very patient and treated us as a top priority! We were in an very unexpected situation where our college age daughter's car died on the interstate. The repairs were not feasible for the older model car, so we started a frantic hunt for another vehicle. Not only is the used car market currently abysmal, we needed to figure out how much her insurance would be increasing before making a final decision. Shane was our go to expert, checking over 10 different VIN #s for us to confirm the cost of insurance increases! He was also helpful in getting the original policy updated with the newer car info & financing requirements very quickly. Shane has outstanding communication & customer service skills! Thank you so much Shane!
Kathleen Pankoe
20:48 26 Mar 24
The professionalism is exceptional fear now is such a great company.. Will continue to do business with this company..Was such a pleasure to workWith Joseph Boyle, He makes the process go smooth and easy. Thanks Joseph for providing exceptional service.
Lakeisha Burkes
13:35 22 Mar 24
Joseph has been awesome to work with in obtaining property insurance after already having my auto insured for a few years. I'm a licensed agent so I appreciated his efficiency, professional advice and how quickly he got everything done for me. 100% recommend and I'll be sending him more referrals!
Holly Walton
22:08 21 Mar 24
Have always been happy with these folks. Have had commercial insurance and personal lines with them. Great broker with lots of options. Have been using them for 15 plus years.
Russ Lawson
11:34 18 Mar 24
Jennifer Rubio did a fantastic job finding me an alternative for my homeowner insurance after American Integrity raised my premium by 50%.
Jane Walley
15:39 11 Mar 24
Jennifer Rubio was very helpful regarding auto insurance quotes and making sure we got the proper coverage. she was never in a hurry, but took her time in ensuring all computer apps were down loaded, to ensure we understood all applications.
Noemi Casanova
22:44 07 Mar 24
Jennifer Rubio by far qualifies in my mind as one of the most amiable, professional and thorough agents that I have encountered in my life. From the beginning of our contact, J ennifer understood my need, offered options and recommendations which completely resolved my request for adequate and alternative auto insurance. Congratulations to Fearnow. I have and will recommend Fewrnow. Thanks a zillion.
Reginald Kelly
22:08 06 Mar 24
I have recently purchase a Vessel and Tori was very knowledgeable, helpful and courteous in assisting me with the insurance. It was a pleasure working with her.
Russ Bryant
15:07 01 Mar 24
I would highly recommend Fearnow Insurance!Mrs.Melanie did more than words can explain.Really appreciate everything that has been done by Fearnow and the team.Looking forward to many more years!
Ronnie Meachum
13:03 01 Mar 24
Lydia was so very patient with me and helped my family to save a lot of money on car insurance. I would definitely recommend!!
Marie Chandler
14:28 27 Feb 24

The Fearnow Agency Advantage

  • We work for you, not the insurance carriers, to ensure your claims are processed efficiently and are paid out quickly.
  • Unlike a single-company agency, we have access to over 100 carriers, so we’re never limited in the services we can provide you.
  • We can save you up to 37% in insurance cost, or get better coverage for the same cost.
  • We always provide full disclosure of plan inclusions and exclusions.
  • We offer customized plans tailored specifically to your needs, instead of forcing you into a pre-packaged solution that won’t really work for you.
  • Our agents are continuously training, so they stay the leading experts in their field.

What Commercial Umbrella Insurance Does

Commercial umbrella insurance is often referred to as business umbrella insurance, and it is designed to extend certain other coverages, like commercial auto and general liability. When you have a claim that exceeds the limits on the extended policies, the commercial umbrella covers the difference. For example, if you have a car accident that involves a company vehicle, and the cost of damages is $100,000. Still, your auto policy only covers up to $75,000, the umbrella policy would cover the other $25,000.

Commercial Umbrella Insurance Coverage

Commercial umbrella insurance adds an additional layer of protection for:

Bodily Injury

This coverage applies if a customer or client gets injured at your physical location, and the limitations of your primary liability coverage are exceeded. For example, if someone is walking through your warehouse and a box falls on them, causing an injury. Your primary liability coverage pays for medical expenses up to $150,000. The injury sustained and medical bills and treatment actually cost $250,000. Without umbrella insurance, you’d be forced to pay that remaining $100,000.

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Lawsuits

If you are sued for property damage, illness or injury by a client, customer, visitor, or employee and the limitations of your primary insurance coverage are exceeded, this coverage helps pay the remainder of the legal fees and/or judgments. For example, if you’re sued for 2 million dollars, and your legal fees are $500,000, your primary coverage would pay first. In this instance, let’s say that your primary coverage covers up to 1.5 million. If you have commercial umbrella insurance, that policy would pay the remaining million dollars.

Damage to Property

If your business causes property damage to another individual’s home or business and your primary coverage limits are exhausted, this policy helps cover the remaining expenses. For example, let’s say that you are working on a building, and something you did causes significant damage to the building. Your initial policy covers up to 1 million dollars, but the damage and repair costs are estimated at 1.5 million. In this instance, your umbrella insurance policy would cover the remaining half a million dollars.

Limitations of Commercial Umbrella Insurance

In general, commercial umbrella insurance policies can be written with limits between 1 million and 15 million. The limitations of your umbrella policy are cumulative for the policy period. Additionally, commercial or business liability umbrella insurance may not cover all liability claims, and they typically do not extend the limits of commercial property insurance. For example, let’s say you have an accidental fire at your business due to a lightning strike. If the damage to the building exceeded your property insurance coverage, you would still be responsible for paying for the remainder of the repairs from your business finances.

Understanding the Cost of Your Commercial Umbrella Policy

Commercial umbrella policies are written for your business and its insurance needs. The cost of your policy will be determined by the size of your business, the type of business you operate, the amount of your primary coverage, and the limit amount you need on your commercial umbrella policy. Other factors that may influence the cost include the amounts of any deductibles and whether you’re eligible for any discounts.

Getting Commercial Umbrella Insurance with Fearnow

If you are considering getting commercial umbrella insurance, give our agents at Fearnow a call today. We can answer all your questions and find the right umbrella policy for your business. In addition, we also offer other types of commercial insurance, including nonprofit, workers comp, commercial property, business, general liability, and commercial vehicle.

To learn more about our business insurance policies and to get a quote, call us at (813) 689-8878.