Kentucky Business Umbrella Insurance

Your Guide to Kentucky Business Umbrella Insurance

How to find a local adviser in minutes

Kentucky Business Umbrella Insurance

In Kentucky, there are 351,260 small business owners. If you own a company here, you'll want adequate protection. Commercial umbrella insurance can help for more substantial claims. 

An independent insurance agent has access to several carriers, giving you options on coverage and price. Since they do the shopping, you can save time. Connect with a local expert for customized quotes. 

What Does Commercial Umbrella Insurance Cover?

Commercial umbrella insurance in Kentucky is not mandatory but may be necessary. If a large claim occurs, you'll want added protection. Take a look at some things commercial umbrella insurance can provide coverage for.

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

When you have exhausted your underlying limits due to a loss, commercial umbrella insurance will apply. It will follow suit with your general liability, business property, and commercial auto policies. Limits start at $1,000,000 and go up from there.

Commercial Umbrella Insurance Quotes and Average Cost

All of your commercial insurance policy premiums will depend on various risk factors. Carriers use your personal data and outside elements to determine your pricing. Check out the following items companies use to rate your commercial umbrella insurance.

  • 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

Your commercial umbrella pricing will be different than anyone else. Your exposures are unique to your business, industry, and location. To get exact pricing, obtain multiple business quotes from a trusted adviser.

Commercial General Liability Insurance vs. Umbrella Policy

Your general liability and commercial umbrella insurance will be on two separate policy forms in Kentucky. Like commercial auto insurance, these two policies are off on their own but can work in conjunction with each other. Check out how they work together below.

  • General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, libel or slander.
  • Commercial umbrella insurance: 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.

Your general liability policy will be your first line of defense against a claim. When your limits have been maxed out, your commercial umbrella policy will kick in. This will result from a bodily injury, property damage, libel or slander loss. 

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Commercial Umbrella Insurance for Rental Properties

When you own a rental property in Kentucky, you will need a primary policy to cover your risk. Landlord insurance can protect your investment. Your interest as the owner and third party exposures will be covered

In Kentucky, your rental properties can be included under your commercial umbrella policy in most cases. First, you must have adequate underlying limits on your landlord insurance. Then, you will be required to offer proof of coverage to the commercial umbrella carrier.

Stand-Alone Commercial Umbrella Insurance

In 2019, Kentucky had $4,661,744,000 in commercial insurance claims paid. In order to have proper coverage for a substantial loss, you'll want all your bases covered. Commercial umbrella insurance can add a level of protection for those larger claims.

In Kentucky, obtaining a stand-alone commercial umbrella policy is unlikely. Most carriers would not offer umbrella coverage by itself unless it insured the underlying policies. This is to make sure a loss is accurately covered, and there are no gaps. 

How to Connect with an Independent Agent in Kentucky

In Kentucky, commercial umbrella insurance can be confusing if you're not a licensed professional. There are several options out on the market, and it can be hard to know where to go. The best way to ensure that you have proper coverage is by using a trained adviser.

Fortunately, an independent insurance agent can access multiple carriers, giving you the best coverage and premiums. They do the shopping at zero cost to your business. Connect with a local expert on TrustedChoice.com to get started.

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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