Today’s litigious environment has increased the importance of supplemental liability insurance. Should a business face an injury, property damage or defamation lawsuit, supplemental liability might be needed to cover the potentially expensive lawyer fees, court fees and settlement. There are two types of commercial liability insurance that businesses can get: excess liability coverage and umbrella coverage. Here’s a breakdown of these two different commercial insurance options.

What Is Excess Liability Insurance?

Excess liability insurance provides additional coverage for a specific underlying policy, such as general liability, commercial auto, or employee practices liability policy. The additional coverage only applies to the one policy that’s being supplemented, and it adopts the terms, conditions and exclusions of that policy.

This option is good if you have one liability policy that you’d like more coverage for. It’s more basic and limited in some ways, but could be a lower-cost option if that’s all your business needs.

What Is Umbrella Insurance?

Umbrella insurance can extend the limits of multiple policies, and may also cover claims not included in your primary policies. The supplemental policy comes with its own terms, conditions and exclusions. Sometimes the different terms make it possible to fill in gaps that underlying policies have.

This option is good if your business needs broad supplemental liability coverage. We at Cross Creek Insurance see many businesses in Hope Mills, NC choose umbrella over excess liability. After all, many different types of incidents could lead to an expensive lawsuit.

Which One Is Right for Your Business?

Choosing between excess liability and umbrella insurance depends on your business’s risks. While many businesses in Hope Mills, NC choose umbrella coverage, it’s possible that excess liability is better for your particular business. To get help evaluating each of these options, contact us at Cross Creek Insurance.

Conducting an inspection and documenting your findings can help you select adequate insurance coverage for your commercial warehouse. Use the strategies below to assist with preparing your commercial insurance plans.

The Benefits of an Inspection

Performing an inspection of your warehouse allows you to gather concrete information about any inconsistencies or potential risks. For instance, inconsistencies in the building design may raise concerns about potential future damage.

Your inspection will help you clearly understand your business’s needs and reveal any risks that require adequate insurance protection.

Documentation

The documentation you prepare should be referred to as you explore different types of commercial insurance. Your records may indicate a high risk of theft and/or vandalism at your place of business.

If so, you may decide to compare various policies that provide protection if criminal activity occurs on your property or inside your warehouse.

Commercial Insurance Products

Owning and operating a warehouse may require obtaining a wide range of insurance products. These include:

• Commercial vehicle insurance
• Liability insurance
• Personal property insurance
• Cybersecurity insurance
• Workers’ compensation insurance

The list above outlines some commercial insurance types that protect business owners. Each type of insurance can be customized, allowing you to obtain the perfect level of protection for your business.

Your insurance coverage can protect vehicles, automated machinery, inventory essentials, and other items you rely upon daily.

Contact An Insurance Agent Who Serves Hope Mills, NC

At Cross Creek Insurance, our customers come first. Feel free to contact an agent today. An insurance agent will set you up with insurance coverage to protect your warehouse and all the essentials needed to operate it.