Excess Liability Insurance
What is Excess Liability Insurance?
Excess Liability Insurance offers additional coverage limits in excess of the underlying liability policy
What is covered by Excess Liability Insurance?
Excess Liability Insurance provides financial protection and increased policy limits if you file a claim that exceeds the limit of your underlying liability policy. It is similar to having another insurance policy on top of your of existing coverage.
For example, if your general liability policy has coverage limits of $2 million and you face a claim of $2.85 million, you and your business would be responsible for the $850,000 that exceeds your general liability limits.
If you had an excess liability policy of $1 million on top of your existing general liability coverage, this would cover that additional $850,000 loss and keep you financially protected
Excess Liability is a cost effective way for small businesses to increase the limits of their underlying coverage for any claims that might exceed their primary coverage. It is primarily used on general liability insurance and errors and omissions insurance (professional liability).
Who needs Excess Liability Insurance?
Excess liability insurance protects you and your business from catastrophic losses and claims that exceed the coverage limits of your liability policy, thereby decreasing the likelihood that a lawsuit could bankrupt your business.
Small business owners usually purchase excess liability insurance to fulfill the terms of a lease or client contract.
Some business owners choose this coverage because they face substancial risks such as:
- A large amount of foot traffic
- Transportation and handling of hazardous materials
- The personal injury claims that could be leveled against construction, manufacturing, or similar businesses
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