Policy limits: Commercial liability umbrella insurance
Policy limits are crucial when it comes to safeguarding your business. For business owners, unexpected disasters can occur even with standard coverage.
That’s why a Commercial Liability Umbrella Policy (CLUP) exists—to provide extra coverage beyond your existing policy limits and protect your company from catastrophic losses.
What Is Commercial Liability Umbrella Insurance?
In simple terms, a CLUP bundles general liability and property insurance to cover those worst-case scenarios where claims exceed your current policy limits. It gives you the flexibility to increase liability protection across multiple policies. For instance, imagine your business insurance provides $1 million in general liability and your business auto policy adds another $1 million. That may seem sufficient until an accident occurs, and damages total $5 million. In such cases, CLUP insurance can cover the remaining $4 million, preventing you from having to pay out-of-pocket.
Why Do Business Owners Need a CLUP?
No matter how well you train your employees or implement safety procedures, risks remain. If a liability lawsuit exceeds your coverage, the extra costs could financially cripple your business. Businesses that frequently use vehicles, interact with customers, or work on others’ properties face higher risks, making CLUP insurance essential. Additionally, some contracts and landlords require liability coverage beyond standard limits, so having a CLUP can be a smart move.
Customizing Your Coverage
Every business is unique, and your insurance should reflect that. A CLUP can be customized with additional coverages like:
- Commercial Auto Coverage: For vehicles used in your business.
- Employers’ Non-Owned/Hired Car Coverage: When employees use personal vehicles for work.
- Workers’ Compensation: To protect your staff.
- Commercial Liability Umbrella: To extend your overall liability limits.
By working with an experienced insurance agent, you can tailor your policy to meet your specific business needs and budget.
Protect Your Business with Sill Insurance
At Sill & Associates Insurance Agency, LLC, we serve business owners across Anderson County, Greenville County, Spartanburg County, Laurens County, and Pickens County. Our team will help you select the right coverage options so that you’re prepared for the unexpected and can focus on growing your business.
Contact Sill Insurance Today
- Phone: 864-345-SILL (7455)
- Email: [email protected]
- Address: Post Office Box 704, Mauldin, SC 29662
- Website: https://sillinsurance.com
Secure your business’s future by ensuring your policy limits meet your needs. Let Sill Insurance help you achieve the protection and peace of mind your business deserves.
