Many business owners are surprised by how much their commercial insurance policies don't cover. There can be huge gaps in insurance coverage, and outdated policies may not provide enough to cover the expenses incurred by worst-case scenarios. This is where umbrella insurance policies come into play.
A New Jersey commercial umbrella insurance policy is designed to fill gaps between your various insurance policies. It's a pro-active policy that covers most inadequacies and/or mishaps that fall slightly outside of traditional commercial insurance policies, including:
- Auto, both owned and hired
- General liability
- Employer liability
- Property and assets
The idea is that where one of these policies leaves off, or excludes coverage, your umbrella policy will protect you from ensuing fallout. (It's important to note: umbrella policies do not provide extended coverage for Errors and Omissions or Professional Liability policies. Make an appointment with an agent at CCW Insurance if you need to review your coverage in these areas).
Perhaps you have flood insurance, but your commercial insurance policy won't cover damage incurred by a sink that was left on and overflowing by the late-night janitorial crew. Maybe an employee caused a major accident as a result of texting-while-driving and the injured parties are suing for more than your auto policy covers. A commercial umbrella policy will cover these additional costs and fees as long as they fall within your total policy amounts.
Contact the insurance advisors at CCW Insurance to design a New Jersey commercial umbrella insurance policy that won't leave your business all wet.
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