Massachusetts Business Umbrella Insurance
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Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
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Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Massachusetts has roughly 669,224 small businesses. If you're one of them, coverage is necessary. Your business will be responsible for many things, and having the right protection can be a lifesaver. Commercial umbrella insurance is an essential piece of your coverage.
Fortunately, an independent insurance agent has access to several carriers so that you have options. They do the shopping for you and can save you a lot. Talk with a local expert for coverage and premium choices.
What Does Commercial Umbrella Insurance Cover?
In Massachusetts, your commercial umbrella insurance is an extension of your other policies. It will provide liability coverage for a substantial claim. 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
If you have a loss that gets big, it could cost you millions of dollars. In order to avoid paying out of pocket, adequate coverage is necessary. A commercial umbrella policy will provide an additional limit of liability starting at $1,000,000 and goes up from there.
Commercial Umbrella Insurance Quotes and Average Cost
Your commercial insurance costs will vary depending on several risk factors. Carriers use your personal data and outside elements when determining your price. Check out the following items companies use.
- 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
Like any other business policy, your Massachusetts commercial umbrella costs will be unique. Your premiums could fall high above the average or well below. It will all depend on how much risk you bring to the table.
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Commercial General Liability Insurance vs. Umbrella Policy
In 2019, Massachusetts had $8,060,079,000 in commercial insurance claims alone that were paid. In order to function correctly, your business will need to be protected from all the what-ifs. General liability insurance and commercial umbrella coverage are both necessary.
How they work together
- General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, and libel or slander.
- Commercial umbrella insurance: Pays for a lawsuit arising out of bodily injury, property damage, and libel or slander. This is a continuation of liability coverage when a larger claim occurs.
Commercial Umbrella Insurance for Rental Properties
There are specific policies your Massachusetts rental property will need. Landlord insurance is the primary coverage and will have limits of protection for liability, dwelling, and your interest as the owner. A substantial liability loss isn't uncommon when you own an investment property.
Your landlord insurance limits need to be at an amount that is adequate to have an umbrella. Commercial umbrella insurance will require all underlying policies to be at a specific limit of coverage first. Carriers will likely want to write all of your insurance to keep everything under one roof.
Stand-Alone Commercial Umbrella Insurance
A stand-alone commercial umbrella insurance policy is uncommon. Most carriers will require you to have underlying limits of protection. They will also make it mandatory for all of your Massachusetts policies to be with them in order to offer an umbrella.
Insurance companies like to keep everything together when a loss occurs. By having your business insurance with the same carrier, your claims will be handled more smoothly. It will also ensure that you get every limit that you paid for when purchasing coverage.
How to Connect with an Independent Agent in Massachusetts
If you own a Massachusetts company, the right coverage can mean the difference between a loss coming out of pocket or being paid by the carrier. When you obtain protection for your business, there are fewer chances that you will have a future closure. Commercial umbrella insurance can help when a claim arises.
An independent insurance agent will have multiple markets to run your insurance through for better pricing and coverage. Since they do the shopping on your behalf, you'll save. Connect with a local expert on TrustedChoice.com in minutes.