Excess Liability Insurance

Excess Liability Insurance is additional protection for your business when a liabiity judgement exceeds the limits of your basic commercial policies such as commercial property insurance.  For instance, if you own a restaurant and your General Liability insurance provides coverage up to $250,000 but you are sued for $300,000 due to a slip and fall accident, the excess liability insurance will pay for the additional $50,000 award.

While sometimes referred to as Umbrella Liability Insurance or Commercial Liability Umbrella Insurance, it is important to note that by definition, Excess Liability Insurance only kicks in after all underlying policies have been used to pay the judgment.  Umbrella insurance can fill in gaps in coverage without all of your policies being exhausted.

In Florida, Excess Liability Insurance for your business is fairly inexpensive considering the coverage amounts it potentially can provide.  For just a few hundred dollars per year, you can purchase a one million dollar Excess Liability Insurance policy that will go a long way towards paying any liability costs over and above your underlying policies.

All businesses are in danger of the unknown and the amount of judgments for a somewhat incongruous event can be surprising.  As is often the case, a general business liability policy is not enough to pay for the costs associated with a lawsuit including attorney and court fees.  With Excess Liability Insurance, you’ll be able to breathe a little easier knowing that should you find yourself in that situation, you’ll have the means to pay for these unexpected financial burdens.

Contact us today to learn more about Florida Excess Liability Insurance to see if it meets the needs of your company’s risk potential.  Our commercial experts can walk you through the pros and cons of adding this additional coverage to your portfolio and help you determine if the benefits of this “safety net” balance the cost of the premium.