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Umbrella/Excess Liability

A business umbrella/excess liability policy takes over when your Business Auto Liability, General Liability or other liability coverage has been exhausted. It’s an inexpensive way to provide extra coverage against bodily injury and/or property damage.

An umbrella policy is liability insurance that provides additional coverage beyond the limits of your existing business liability coverage. An umbrella policy kicks in when the limits in your other policies are maxed out. Business owners typically buy an umbrella policy to protect themselves and their company in the chance that someone successfully sues, resulting in either a large jury award or a large settlement. Without an umbrella policy, your company profits — and your personal income –could be tapped for years.

I already have Business insurance. Why would I need Umbrella coverage? No one expects to encounter a loss that exceeds the limits of his or her policy, but unfortunately in today’s business environment, liability lawsuits – which often result in large jury awards – do happen. As the name implies, Farmer’s Commercial Umbrella goes “over the top” of your exisiting Farmer’s business liability coverage, offering $1 million or more of added coverage for your business. Can a large loss affect my company’s earnings? The truth is that it’s not just your current assets which are at risk, but your potential future earnings as well. Look down the road and picture where your business will be five or 10 years from now. A large loss now could easily destroy any hopes of a bright future. Insolvency courts’ records are filled with examples of companies that thought they weren’t at risk! Is this additional coverage expensive? Umbrella limits, often many times those provided by your current policies, are available for a fraction of the cost of the primary policies. When most business owners examine the facts, they find that a Commercial Umbrella offers them a low-cost way to assure their assets remain theirs – even in the face of a multi-million dollar loss.