Additional Support For Business Liability Coverage
For Liability Insurance, with the rising rate of settlements topping millions of dollars, an Umbrella Liability insurance policy makes sense to solidify the legal position of your business and for personal protection. Umbrella Liability insurance is intended to overlap existing liability coverage.
For personal insurance, an Umbrella Liability policy accommodates coverage over and above your homeowner, auto, or boat policy. It is intended to provide protection that primary policies might not completely cover.
How Does Umbrella Insurance Work?
- An insurance example would be if your business was sued and received a worse case judgment from the court. Let’s say your business liability covered $10,000,000.00 of the settlement and court costs, but the costs of litigation brought the total outlay up to $15,000,000.00 during the course of the proceedings. Your Umbrella Liability Insurance would help cover the excess costs.
- A personal insurance example would be if you were found at fault in an accident. If injuries to the other party were deemed to be $1,200,000.00, your personal liability insurance might have a $1,000,000.00 limit. The Umbrella Liability insurance coverage would take care of the $200,000.00 shortfall.
Who Would Use Umbrella Liability Insurance?
- Commercial businesses that deal with overseas companies or are involved in high-risk industries would benefit the most from Business Umbrella insurance. Read more on our Business Insurance page.
- Individuals who travel for business, own multiple residences, or numerous cars and recreational vehicles would benefit the most from personal umbrella liability insurance. See our Personal Insurance page for more info.
How Can I Get The Best Umbrella Liability Insurance Rate?
Like most insurance policies, Umbrella Liability insurance is based on what the primary source of income is for you or your business. It also depends in part on whether or not you or your business have had any recent claims, what your existing business coverage is, and what coverage you currently have for your home, auto, and boat.
If you are interested in Umbrella Liability insurance, why not speak with one of our insurance brokers. Huronia Insurance Group has been serving Barrie, Ontario for over 22 years. We have an exceptionally qualified team of insurance brokers who can help you find the most beneficial and equitable Ontario Umbrella Liability insurance policy for your business or personal needs. We also offer contractor liability insurance for independent contractors.
We partner with the top insurers in Canada and have enjoyed lengthy relationships with all of them.
For more information about Umbrella Liability insurance in Ontario, contact our insurance brokers at Huronia Insurance today. We can be reached by phone at 1-866-955-8386, by filling out our online contact form, or send us an email.