All posts in Umbrella Insurance Policy

Comparing Excess Insurance to Umbrella Insurance

Comparing Excess Insurance to Umbrella Insurance

When it comes to insurance, one of the biggest issues is determining whether you have enough. You want to make sure that your typical operational risks are covered with your plan, but you also don’t want to pay for products that you don’t need. That said, most insurance products have typical coverage limits that are usually sufficient for the insured. The nature of your work may require you to exceed the usual levels of coverage. Excess insurance and umbrella insurance are two very different products with different features. Let’s take a closer look. 

Excess vs. Umbrella

Excess liability insurance offers a second level of protection if your coverage needs exceed that of normal insurance. For example, a design firm that fulfills multiple contracts to many clients may consider purchasing excess professional liability insurance to defend against unfavorable outcomes due to errors and omissions. Excess insurance usually involves one or two related coverages. Umbrella policies, on the other hand, can be applied to all of your insurance plans. Unlike excess insurance, umbrella coverage addresses exposures not covered by other products.

A Customized Approach

To even the most mature businesses, some insurance products may seem interchangeable. The last thing you’d want to happen is to realize that you’re not covered in the event of a claim. Find an insurer who not only helps you come up with a plan, but also makes sure you have sufficient protection.

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Save Money on Your Commercial Policy in Glen Rock

Save Money on Your Commercial Policy in Glen Rock

When it comes to saving money on your commercial policy in Glen Rock, bundling is the way to go. If you purchase a separate policy for each facet of your business insurance needs, you’re going to incur higher premiums in the long run. A bundled package is designed to include all of the coverage you require under one umbrella, and when you combine your needs under this single umbrella, it actually costs you less. If you’re concerned that you won’t have a complete policy to protect you against every possible scenario your business could face, don’t be. A bundle is more secure than you might think.

Meet with a qualified agent to go over your business structure, the number of people you employ, what you do and what you have. This agent will then tailor your bundled coverage to your exact needs. A commercial policy in Glen Rock will include your general insurance, such as property and liability, but it can also add workers’ compensation, automobile and/or fleet, equipment breakdown and even inland marine coverage to protect you if you work on the water. Your business insurance doesn’t have to break the bank, nor should it. Bundle your protection to save money and use the extra income to grow your company.

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