Products & Services

Umbrella Insurance

Not sure if there are holes in your current insurance coverage?  Are you worrying that a large loss will close your business? Just like carrying an umbrella in your car for the infrequent thunderstorm, umbrella insurance works to protect your business from the infrequent loss that could potentially ruin your business.  

What is Umbrella Insurance?

Umbrella Insurance can be called “peace-of-mind” insurance because it protects your business from holes or limits in existing policy coverage and financially debilitating lawsuits that could potentially close your business.  

How does Umbrella Insurance Work?

Umbrella insurance lies on top of the standard commercial general liability insurance policy (commercial general liability, business auto, employer liability, and workers’ compensation) and will kick in when the claim limits of the underlying policy are exhausted.  It can also provide coverage in situations where the liability policy does not provide coverage,  subject to a self-insured retention which acts much the same a deductible.

Why Us?

Depending on the type and size of your business, we will analyze whether you should consider an umbrella insurance policy.  Many clients choose to purchase this type of policy because it extends coverage so dramatically at a relatively small additional cost.   However, this insurance is not necessary for every business, so it is important that an insurance professional with your interests in mind gives you a proper consultation.

Imagine receiving a judgment against you for $3 million when you only have a liability policy that covers $2 million.  If you have at least a $1 million umbrella policy then you have peace of mind, otherwise you need to come up with another $1 million to pay for the judgment.

At Friedman Associates, we take pride in offering proper insurance solutions that meets the specific needs of each of our clients.  Not every business is the same and not every insurance solution should be the same either.  Contact us today to learn how our professional insurance agency can give you a proper insurance consultation.

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