If you own a business around Pryor, OK, consider whether commercial umbrella insurance is required to protect you from catastrophic loss. This is especially important if you have high-value equipment and assets, such as commercial real estate. Trust your Safe Insure Plus, LLC agent to help you determine whether your business could benefit from coverage that covers unforeseen losses.
What is Umbrella Insurance?
The primary purpose of getting an umbrella policy is to cover your assets from unexpected events, such as property damage or personal injury claims that exceed the limit of your regular policies. If someone files a lawsuit against you or your business, your umbrella coverage pays for damages you are held responsible for up to the policy limit.
Commercial umbrella insurance is usually only applied to amounts over and above the limit on any other policies you hold. So, your first step will still be to file a claim through your regular liability insurance, then file an additional claim under your commercial umbrella policy to cover any remaining cost.
What Does Umbrella Insurance Cover?
Your Safe Insure Plus, LLC agent can help you understand what is covered under the available umbrella policies for your business in Pryor, OK. Generally, umbrella insurance pays for catastrophic losses exceeding the limit of a primary liability policy, such as commercial general liability, commercial auto, and watercraft or aircraft policies. It serves three purposes:
- Provides excess limits after an underlying liability has been exhausted.
- Pays for the balance of a claim amount filed against you after the primary liability insurance has been exhausted by payment of claims
- Protects against some claims excluded by the underlying policies when requirements have been met
Contact Safe Insure Plus, LLC at 918-373-8179 for more information and to schedule time to visit us regarding your insurance options in Pryor, OK.