Excess Liability Insurance

If you’re worried that your current general liability insurance isn’t enough to cover the costs associated with potentially monstrous lawsuits, you may want to look into purchasing additional excess liability insurance (also known as umbrella insurance).

Excess liability insurance is needed for any business that wants to mitigate risk in the event of a catastrophic loss. A policy of this nature covers your business should a claim exceed the limits of your existing liability coverage. For example, if your general liability policy covers $1 million and a $1.5 million claim is brought against your company, an excess liability policy could take effect.

Essentially it picks up where your other business insurance policies leave off. If, for example, an employee gets in a horrendous accident while driving one of your company’s vehicles, the costs associated could be huge. The costs could be much more than your commercial auto insurance policy covers. That’s where excess liability insurance kicks in.

The advantages of such a policy include additional protection such as coverage for legal costs should a truly damaging lawsuit arise. Also, this type of insurance provides a lot of coverage typically at an affordable rate.

To find out how Davis Insurance Group can help protect your Kentucky business with excess liability insurance contact us today by calling 800-977-0723 or filling out our free quote form.