Florida Business Umbrella Insurance

Your Guide to Florida Business Umbrella Insurance

How to get a local professional in minutes

Florida Business Umbrella Insurance

Florida had $36,870,506,000 in commercial claims paid. Business umbrella insurance will help protect your assets and finances. To ensure you're receiving the right coverage, consider using a professional.   

An independent insurance agent has access to several markets, giving you options. Since they work on your behalf, you'll save time and money. Connect with a local expert to start saving today.

What Does Commercial Umbrella Insurance Cover?

If you have Florida commercial umbrella insurance, it can save your business from financial disaster. This policy will pay for the defense and settlement costs of a more substantial loss. Take a look at some things commercial umbrella insurance can provide coverage for.

  • A lawsuit arising out of slander
  • A lawsuit arising out of liable
  • A lawsuit arising out of defamation of character
  • A lawsuit arising out of bodily injury

Commercial umbrella insurance is accessed when you have depleted your underlying limits. It will help settle a claim with another party and defend you in court if necessary. Coverage usually starts at $1,000,000 and goes up from there.

Commercial Umbrella Insurance Quotes and Average Cost

Your Florida commercial umbrella insurance costs will be unique. Premiums are determined by various factors such as personal data and outside elements. Check out the following items companies use to rate premiums.

  • Your insurance score
  • Your claims history
  • Your address
  • Your assets
  • Your gross business income
  • Local weather patterns
  • The industry you are in
  • Your experience level

The average cost of commercial umbrella insurance

  • Commercial umbrella insurance average: $1,000 annually with a $1,000,000 limit of protection

The cost of any business insurance fluctuates from one person to the other. Some businesses will be rated higher than others, giving them a more expensive policy. To get your exact pricing, collect many quotes.

Commercial General Liability Insurance vs. Umbrella Policy

General liability insurance is similar to commercial auto insurance, where it's a separate policy. Your commercial umbrella policy will be in addition to your general liability, and they are used in conjunction with one another.

How they work together

  • General liability insurance: This pays for a lawsuit arising out of bodily injury, property damage, libel or slander.
  • Commercial umbrella insurance: This pays for a lawsuit arising out of bodily injury, property damage, libel or slander. This is a continuation of liability coverage when a larger claim occurs.

In Florida, you can obtain a commercial umbrella to apply when a larger loss has occurred. Once your general liability limits have been exhausted, your commercial umbrella policy will kick in. It will defend up to the preselected limit.

Commercial Umbrella Insurance for Rental Properties

When you are the rental property owner, you can add this exposure to your commercial umbrella coverage. A few things to note, you must be carrying underlying landlord insurance for this to take place. You will need to meet coverage limit guidelines by the umbrella carrier. Primary coverage will need to be proven.

Once those parameters have been met, you will be good to go. Commercial umbrella coverage will give an additional limit of protection that extends to your rental units. It will be the ultimate way to insure your investments.

Stand-Alone Commercial Umbrella Insurance

In 2019 Florida had 19,737,799 commercial insurance losses. A commercial umbrella insurance policy can help mitigate this potential threat. If you want a commercial umbrella on its own, you need to know some things. 

First, most carriers will not allow a stand-alone commercial umbrella policy. This is because the risk is too high when a more substantial claim occurs. Companies want all their policies in one place to handle the loss more effectively, especially one of this magnitude.

How to Connect with an Independent Agent in Florida

A commercial umbrella policy in Florida can be easy to obtain when you use a trusted adviser. Having the right protection for your business could mean the difference in staying open or not. One considerable claim could wipe you out if you're not proactive with insurance.

An independent insurance agent can help. They have access to several carriers, giving you the best options on policy and premium. Connect with a local expert on TrustedChoice.com in minutes. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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