Small Business Articles

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Commercial umbrella insurance (called commercial excess insurance in New York) gives your business extra financial protection on top of your existing liability policies. This coverage can come in handy, since the costs associated with just one covered incident can easily exceed the limits of a liability policy. Commercial umbrella insurance policies have aggregate limits, typically $1 million or $2 million.

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The different types of commercial insurance that biBERK offers provide broad coverage. However, you can get additional coverage by including what are called endorsements. These add-ons typically enhance the base coverage in some way. And whether you ultimately choose to purchase them or not, it’s important to understand the protection they offer.

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Small businesses that have purchased insurance policies like workers’ compensation, general liability, and professional liability (also called errors & omissions or E&O) from biBERK will sometimes ask, “Do I need a commercial umbrella insurance policy?”

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Every small business needs business insurance. This may include policies like general liability, commercial auto, and others. The types and amounts of coverage vary based on the kind of work you do. But whatever biBERK liability coverage you have, commercial umbrella insurance can provide an added layer of protection.

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Umbrella insurance can cover claims that exceed the limits of an underlying business liability insurance policy. If you’re wondering, “How much umbrella insurance do I need?” or “Is umbrella insurance worth it?” read on for answers.