Cambridge Commercial Umbrella Policy

The number of lawsuits filed against companies and the size of the settlements are dramatically on the rise.  And these days, it seems like the sky’s the limit when it comes to the size of legal settlements. Jury awards and out of court settlements routinely run into hundreds of thousands, and even millions of dollars.  Add to this the cost of legal fees, and the total expense becomes staggering. A seemingly simple accident on your premises in the hands of a cunning attorney could result in a large judgment against YOUR company.  Without adequate protection, all those assets you’ve worked so hard to acquire could be in jeopardy.

Chances are the amount of liability protection from your general liability insurance, commercial auto insurance and employer’s liability policy may not provide enough financial protection.  One large lawsuit lost, even a frivolous one, can leave your business open to risk and make your assets vulnerable.  The time and legal costs alone of defending such a suit can be a huge drain of time and energy, taking away from your business focus.

Also known as Excess Liability insurance, Umbrella policies provide increased liability coverage over and above your other business liability policies.  And they are surprisingly affordable, because the underlying policy limits of your primary business policy are used first.  Then and only then, your commercial umbrella coverage limits kicks in after those policies have been exhausted.