Umbrella Liability Insurance

Obtaining and enforcing a general liability insurance coverage plan is important for every business. As a small business, you may be the target for aggressive claims and excessive legalities. Large companies are also heavily scrutinized and take on larger liabilities with the number of employees they have and the expanse of their business reaches.

So what happens when you need more coverage or protection for some of your insurance plans? Rather than buying multiple packages over and over again, you can invest in umbrella liability insurance to allow your business some flexibility in your limitations and coverage plan — without fear of running out.

What Is Umbrella Liability Insurance?

This kind of insurance tends to get lumped together with excess liability insurance, but it is, in fact, its own unique form of coverage. At the very base level, it provides coverage that expands the limits of the initial and existing liability policy, whether that coverage existed beforehand or not. Any gaps that may have existed between what was covered and what still needed covering are totally eliminated with umbrella liability insurance.

There are multiple reasons for needing to expand an original liability insurance coverage policy, including if:

  • Two companies merge and the existing insurance doesn't meet the new liability demands
  • A jury dictates the limits of the liability coverage need to expand
  • New management or internal shifts create the need or desire for new liability coverage

By instituting an umbrella liability insurance plan, you ensure that the difficult work that comes with dissecting insurance plans and remodifying the small details is eliminated. Instead, you'll find yourself with an additional policy that will cover up whatever your first plan can't.

Umbrella Liability Insurance as Opposed to Excess Liability Coverage

Unlike excess liability coverage, umbrella liability insurance can be applied to multiple underlying policies and cover claims not included in those policies. It can also go into effect when the limits of an underlying insurance are reached. If your business is sued and a settlement of one million is awarded, but your general liability insurance only covers $750,000, your umbrella liability insurance coverage can cover the rest.

Stand-alone umbrella insurance in New York offers first-dollar-liability coverage, so it goes above your current retained or self-insured limits. This coverage can help close the gaps in your current insurance and make your insurance more flexible by ensuring you have protection not listed in the underlying policy.

At the same time, it's important to review with an insurance professional what is not covered so that you're not surprised by any limitations. If your business is growing or changing rapidly, you may not be able to respond in a timely way to all the possible liability risks that can emerge. In this situation, umbrella policies offer good protection for the unexpected.

Buying Umbrella Insurance for Your New York Business

You can buy umbrella insurance for a number of underlying policies, from general liability to real estate and car insurance. If you have a business in New York, real estate and other types of umbrella insurance may help cover you for legal claims you can't easily predict. With this more robust type of coverage, you may even be more attractive to investors, lenders and other stakeholders since these parties will not need to worry that your current insurance limits may cause financial distress for your company at some point in the future.

To make commercial umbrella insurance work for your New York business, you'll need to agree to and pay an SIR (self-insured retention). If your company needs your umbrella liability insurance to cover a New York lawsuit award of $500,000, but your previous policy was for $400,000, and your umbrella coverage lists a $50,000 SIR, it means that your company will need to pay $50,000 up front, and the insurer will pay $50,000. You can choose different levels of SIR, which can impact the cost of your umbrella liability coverage premiums.

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At Kokkoris Insurance Services, we'll work to provide your business or organization with the best insurance policies and coverages in your area.

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Get in touch with our team right away by phone or email so that we can start on finding you the right insurance solutions!

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How Will You Benefit From Umbrella Liability Insurance?

Umbrella liability insurance policies provide additional limits over the underlying liability, which means they offer broader coverage than the usually more restrictive excess liability policies. Because umbrella liability helps to broaden business insurance liability, it can provide you with greater peace of mind about legal situations that could arise. As a result, you can focus on the work you do best instead of worrying about whether a lawsuit could ever come to pass.

If you'd like an umbrella liability policy quote for your New York business, contact Kokkoris Insurance Services for a free quote and evaluation. Our team can review your needs and help you find insurance solutions that match your requirements and budget. Our responsive and professional team has experience in the restaurant, hospitality and other sectors, so we understand what it takes to offer you maximum protection and peace of mind. Our robust and customizable insurance solutions ensure a good match for your needs.

Is Umbrella Liability Insurance Coverage Right for You?

You may want to buy an umbrella liability insurance for your New York business if you have a strong and appropriate underlying policy — you need this policy in place first. You'll want to seek out commercial umbrella insurance if your New York underlying policy may not meet your needs and a claim may exceed the policy. If your business has changed through mergers or other means, your current policy may not be enough. To purchase umbrella liability coverage in New York, your underlying policy may need to have specific limits.

Before buying an umbrella insurance for your business in New York, contact Kokkoris Insurance Services for a free quote of consultation. We can help you determine whether an umbrella policy could offer you the protection you need, or if you need to update your current coverage through some other means. Our umbrella liability policy quote for your New York will be based on your needs and budget, reflecting your specific company situation.

Do You Have Unique Needs for an Umbrella Liability Policy in New York?

Some industries require unique umbrella policies. Kokkoris Insurance Services has worked with restaurants, bars and lounges, contractors and developers for more than 25 years, and our team understands that in the case of real estate, special real estate umbrella insurance in New York may be needed.

This liability coverage includes apartments, office buildings, commercial condos, warehouses, strip malls, light industrial property and more. From the distinguished programs umbrella options in New York, which has been an option since 1987, to other solutions, real estate umbrella coverage prospects you if any covered event occurs on your business property.

Reach out to Kokkoris Insurance Services for Reliable and Affordable Coverage

When you're considering umbrella liability insurance, how it works and whether it will fit into your business plan, reach out to Kokkoris Insurance Services to gain more information and discuss your options with a team of committed and experienced brokers. If you're hoping to find some of the best quotes in the area on umbrella liability insurance, you've come to the right place. We get familiar with your business, and we have an extensive knowledge of the current insurance market, so we can bring you a range of insurance options that may be right for you.

We help businesses all throughout New York, including Staten Island, Brooklyn, the Bronx, Manhattan and Queens. We'll consult with you to determine the coverage requirements you have and how they can fit with your budget. Then, we'll work to find the best prices in the area. Get in touch with our team right away by phone or email so that we can start on finding you the right insurance solutions.