Commercial Excess
Standard commercial insurance policies do not always come with the coverage levels you need to protect business owners from the liability they are truly exposed to. In these instances, business owners turn to commercial umbrella policies and commercial excess policies to provide protection above and beyond standard coverage. Commercial umbrella policies and commercial excess policies help you fill in any coverage gaps that exist to prevent business-threatening liability exposure.
What Is a Commercial Excess Insurance Policy?
Commercial excess insurance is sometimes also referred to as commercial excess liability insurance. The entire purpose of commercial excess insurance is to provide additional liability coverage above and beyond your initial liability coverage. If you have to file a liability claim that exceeds the amount of your original coverage, then your excess liability coverage would pick up where the other policy left off. Commercial excess liability policies can be used to add additional protection to any commercial liability policy, including auto liability, general liability, or employer’s liability.
What Is a Commercial Umbrella Policy?
A commercial umbrella policy is very similar to a commercial excess insurance policy. It also provides additional liability coverage above and beyond your original liability policies. While similar to commercial excess liability policies, there are differences. Commercial excess liability policies are bound by the original restrictions and types of coverages found in the original policy. So, if a particular type of loss is excluded under the original policy, then they will also be excluded under the commercial excess policy. The coverage under commercial umbrella policies can be much more broad. While they can cover liabilities that are beyond the original policy’s limits, they can also cover liabilities that are excluded by the original liability policy. The needs of business owners are unique in Norman, Oklahoma. Commercial umbrella policies can help you cover those unique needs from unanticipated events.
How Much Do Commercial Excess and Commercial Umbrella Policies Cost?
In general, commercial excess and commercial umbrella policies are great values. Typically it costs far less for the amount of liability you cover with these policies than you do under the original liability policies. Having additinoal liability coverage at an affordable rate is an important need for business owners in Norman, Oklahoma. The cost of commercial excess policies and commercial umbrella policies vary based on a number of factors:
Amount of Original Policy
The larger your liability limits are in your underlying policy, the less expensive your premiums will be. This is because it is less likely for you to need to tap into your commercial excess or umbrella policy.
Business Type
High-risk businesses have to pay larger premiums for commercial excess and umbrella policies. The less exposure your business has to liability, the smaller your premium.
Buffalo Insurance Has the Commercial Excess and Commercial Umbrella Insurance You Need
The biggest factor in terms of the types of liability covered and cost of coverage is the insurer. That’s why it always pays to be a part of the herd. The commercial insurance professionals at Buffalo Insurance give you access to hundreds of policies, so that you can find the coverage you need within your budget. Every business is different and has different liability needs. Give us the opportunity to learn about your organization and help empower you to choose the policy that fits best. There is a reason why so many business owners are a part of the herd in Norman, Oklahoma. Commercial excess insurance and commercial umbrella insurance is something we know about, and we know how to find you the best value. Contact us today and find out about the comfort and convenience that has drawn so many other businesses in Norman, Oklahoma to join the herd.
