Umbrella Liability / Excess Liability Insurance
for Insurance Agents and Agencies

Insurance agents and brokers are no strangers to risk. Health insurance agents, for example, help their clients find the coverage that can help them cover the cost of expensive appointments, surgeries, and medications. From their work, they know insurance isn't a means of prevention, but it does provide a strategy for dealing with worst-case scenarios. And just as illness and injuries can happen to someone with perfect health, mishaps and accidents can happen to the best-run businesses, too.

So when your insurance agency needs an extra boost of protection, Umbrella Liability Insurance or Excess Liability Insurance can beef up your General Liability and Employer's Practices Liability policies. Offered in increments of $1 million, your Excess Liability policy can increase the limits of multiple policies through just one affordable premium.

Depending where your business operates, your state may require that you have certain policies in place before you can purchase Umbrella / Excess Liability coverage. However, your insureon agent will be happy to sort that out for you and discuss your options. Keep reading to learn more about Umbrella Liability and how this policy strengthens your firm's protection plan.

Excess Liability: More Security for Insurance Agents

Excess Liability: More Security for Insurance Agents

To increase your General Liability Insurance and Employer's Practices Liability Insurance (EPLI) limits one at a time, you would have two higher premiums on your hands. But when you add a single Umbrella Liability policy, you typically gain more coverage and still pay less money for the extended protection. Your Excess Liability policy offers millions more in protection for a single premium. And since your premium is usually only a couple hundred of dollars a year, this policy is an affordable option for even tight budgets.

If your business regularly welcomes clients or visitors to your office, the extra security Excess Liability offers your business can save your business from financial upheaval. Should a visitor fall and break a bone in your office, they could sue you for medical expenses. Since physical damage liability suits can quickly exceed hundreds of thousands in settlement expenses, this extra coverage can make sure you don't end up paying for related costs out of pocket if your General Liability limit is exceeded. For example, say your injured visitor wins a settlement of $1 million, and your General Liability Insurance limits are half a million. Your Umbrella policy would cover the additional half-million dollars you need.

Though an Excess Liability policy can increase some of your underlying policies' limits, it cannot raise your Professional Liability Insurance (aka Errors & Omissions) coverage. If your business is sued for professional negligence or errors in your work, your Umbrella Liability cannot cover any amount past the limits of your Professional Liability policy. To get a better idea of your options for raising your Errors & Omissions limits, talk to an insureon agent.

Umbrella Liability Insurance: Key Details for Insurance Agents

Umbrella Liability Insurance: Key Details for Insurance Agents

As you build your business protection plan, you may find that extra coverage makes sense for your firm. While you shop around for an Excess Liability policy, here are some key details to keep in mind if you want to extend your existing policies' limits.

Umbrella Insurance Extends Your Liability Protection While Saving You Money.

When insurance agents purchase Umbrella Liability insurance, they enjoy the ease of paying one premium to increase the limits of multiple policies. If you were to raise the limits of your General Liability and Employer's Liability plans individually, you'd pay higher premiums for both policies — and still, you may not receive as much coverage as you would with an Umbrella or Excess Liability policy. Plus, Umbrella policies can cost as little as a couple hundred dollars a year — a rate that most small-business owners can easily take on.

Professional Liability Insurance Cannot Be Extended by an Umbrella Policy.

If you are concerned that the limits of your Professional Liability (E&O) policy do not adequately protect your business, your insurance agents can help you determine the best course to take. However, an Umbrella Liability policy cannot be applied to your Professional Liability policy. But if your General Liability policy or Employer's Practices Liability policy needs higher limits, an Excess Liability plan is an affordable and easy alternative to individually increasing those coverages.

Umbrella Insurance Can Be Purchased in Increments of $1 Million.

Because Umbrella / Excess Liability coverage can be purchased in increments of $1 million, your business protection plan benefits from the considerable extra coverage you receive in the event of a covered claim. The higher limits mean you can easily cover attorney's fees, large settlements or judgments, and other court costs.

Custom-Made Policies for Insurance Agents

Custom-Made Policies for Insurance Agents

The expert agents at insureon work with insurance brokers each day to build custom policies and help them manage the risks they most often encounter. We work with you to ensure you don't take on unnecessary coverages and that you don't have any gaps in your protection.

If you're ready to boost your underlying policies with an Excess Liability plan, complete our easy online application to get started.

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