Commercial Umbrella Insurance: Is it Right for Your Business?

(?)

Talk with your Preferred Mutual independent agent about Commercial Umbrella Insurance, and the liability and insurance needs of your business, so you can determine the right coverage for you and your business.

(?)

Your current insurance will protect your company against routine misfortunes – but are you getting the full protection you need?

Preferred Mutual understands that you have enough to worry about as a business owner.  A commercial umbrella insurance policy protects you against excess liability judgments for loss, injury or even death.  Do any of the situations below sound like they could happen to you?

• A tenant suffered burns to 60% of his body when the gas fireplace exploded in the apartment he leased from the defendants.  Plaintiff Verdict: $3,290,101
• Plaintiff electrician came into contact with a live wire at a construction site and suffered traumatic brain injury, determined to be the result of the electrical contractor's negligence.  Settlement: $2,900,000
• An 11-year old died from an auto accident at a controlled intersection going into a neighborhood constructed by the defendant development company.  Plaintiff Verdict:$10,000,000
• Defendant pharmacy incorrectly filled a low-dose steroid prescription with a higher dose, resulting in diabetes, glaucoma and other serious injuries to a 43-year old.  Plaintiff Verdict:  $2,700,000
• A deliveryman suffered herniated discs requiring surgery and continuing medical treatment when he slipped and fell down the stairs of the defendant restaurant.  Plaintiff Verdict:  $1,763,000

Perhaps these scenarios seem far-fetched, but Preferred Mutual encourages you to take time to determine what types of claims are made in your industry and what awards are generally given in a lawsuit.  In many cases, an umbrella policy helps manage the higher-end damage awards and protects the assets and financial solvency of your business in the event of a large claim and award. 

Don’t get caught in the rain!

Talk with your Preferred Mutual independent agent about Commercial Umbrella Insurance, and the liability and insurance needs of your business, so you can determine what the right coverage is for you and your business.