Protect Yourself
You find out you're being sued by a customer who broke his leg on your front walk.
A bystander is accidentally injured by one of your employees at a construction site and you're being held responsible.
Every day, more and more businesses are involved in million-dollar lawsuits.
Could yours be one of them?
Accidental injuries and product liability suits are just two examples of the multitude of exposures a business faces.
Your protection against these: Commercial Umbrella Liability Insurance.
Commercial Umbrellas provide coverage in million dollar increments above the required liability limits, such as those you already carry for coverages, like your Commercial General Liability, Auto Liability, or Workers Compensation policies.
Additionally, Commercial Umbrellas protect you in the event of a catastrophic loss.
Some umbrella policies consider the cost of defending you in court as a part of the total amount of coverage you carry.
Be Thorough
Maintaining the minimum required underlying coverage will ensure that any existing gaps are covered.
The higher your primary deductibles and limits, the lower your cost for Umbrella coverage.
• Review and modify your Umbrella as needed to provide your business with coverage that is at least as broad as your primary underlying policies.
• Make sure that your underlying policy and your Umbrella policy have the same anniversary date.
The time limits of these policies should be the same, particularly if "claims made" coverage is in effect.
• Periodically review your Umbrella policy to make sure limits are realistic in light of the current inflation rate.
For maximum protection, increase your coverage to avoid disaster.
Be wise. Let Commercial Umbrella Insurance cover the business for which you have worked hard.
The times are changing, especially since September 11th.
Watch out for changes and reductions in your coverages (of today) in the year to come.
F. David McNamara, Jr. is Chairman of the Board & CEO of Gorges & Company, Inc., based in Timonium, Maryland. For more information about CGL policies and protecting your business against unnecessary risks, call Mr. McNamara at 410-561-8280.
