It is wise and often mandatory to insure your business against certain risks. However, many insurance policies have payout limits. What happens when the risk you feared occurs and requires a lot more than your primary policy can cover? Umbrella or Excess Liability insurance will address such situations.
Do you need Umbrella/Excess Liability insurance in Austin?
You may have already protected your Austin business with different primary insurance policies, such as commercial liability insurance, commercial property insurance, and general liability insurance, but is it enough? Often, the coverage limit doesn’t go as far as what one would ideally prefer. This is due to several factors. However, a lot of it is to keep business insurance premiums affordable while providing a realistic level of protection for the business if an insured risk occurs.
No one can predict the future with a high degree of certainty. That unlikely risk may occur at a scale that exceeds the coverage limits included in your specific policy.
In such a case, your out-of-pocket costs could exceed what you’re able to meet. In the worst-case scenario, that unlikely risk could ruin your Austin business. Umbrella/Excess Liability insurance helps to avert such an eventuality from happening by providing an additional layer of protection.
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What Umbrella/Excess Liability insurance covers
Umbrella/Excess Liability insurance usually takes care of any outstanding costs once a primary business insurance policy has reached its payout limit. The umbrella policy then covers any excess costs you must pay out of pocket under your business’s primary insurance policy.
No two umbrella insurance policies are the same since every business’s needs are unique – especially in Austin. That’s why we work hard to understand your insurance needs before finding a provider for an umbrella policy to cover any gaps in your primary business insurance policies.
If you are worried that umbrella insurance will add a significant cost to the cost of safeguarding your business, have no fear! Insurance premiums are calculated based on risk. The chance you will file a claim against your umbrella insurance isn’t as high as the likelihood that your primary insurance policy will be put to use. For that reason, the premiums are usually lower to reflect that lower risk level.
VOS Insurance can help protect your Austin business
At VOS Insurance, we pride ourselves on taking the time to learn each client’s needs. Our goal is to see that every business in Austin is insured sufficiently without paying any more than you need.
Contact us today and let us work with you to determine whether umbrella insurance is right for you and what that policy needs to cover.