Umbrella/Excess Liability Insurance

What is Umbrella/Excess Liability Insurance?

Umbrella and excess liability insurance policies provide additional layers of coverage to professionals and facilities operating in various industries, including senior living and healthcare. These policies offer higher limits than standard liability policies, protecting businesses from the financial consequences of catastrophic claims.

What does it cover?

Umbrella liability insurance is designed to cover multiple underlying policies, such as general liability, professional liability, and commercial auto insurance. This broad coverage ensures comprehensive protection across various aspects of a business’s operations. In addition to increasing coverage limits, umbrella policies can sometimes provide coverage for claims not covered by the underlying policies, subject to policy terms and conditions.

Excess liability insurance, on the other hand, is more specific in its application. It typically provides additional coverage for a single underlying policy, such as professional liability or general liability. This type of policy is best suited for businesses that want to increase their coverage limits for a particular risk, without affecting other policies.

Homewood will source Umbrella/Excess Liability coverage which is perfect for your organization

Who needs Umbrella/Excess Liability Insurance?

Professionals and facilities in the senior living and healthcare sectors can greatly benefit from umbrella and excess liability insurance. These industries face unique risks, including patient injury or harm, medical malpractice, privacy breaches, and employee claims. While primary liability policies offer essential protection, they may not provide adequate coverage in the event of a large claim. Umbrella and excess liability insurance policies can bridge the gap by extending coverage limits and providing financial security when primary policies are exhausted.

Senior living facilities, such as nursing homes, assisted living centers, and memory care facilities, face a high risk of liability claims due to the vulnerable nature of their residents. Similarly, healthcare facilities, including hospitals, outpatient clinics, and medical practices, face various risks that can lead to substantial liability claims. Umbrella and excess liability insurance can help protect these facilities from significant financial losses resulting from large claims, ensuring they can continue providing essential care to their patients and residents.

How Much Does Umbrella/Excess Liability Insurance Cost?

The cost of umbrella and excess liability insurance depends on several factors, such as the type of business, the industry, the size of the business, the specific risks involved, and the amount of coverage needed. Additionally, the number and nature of underlying policies, the insurer’s claims history, and the desired policy limits can also influence the premium.

To determine the appropriate coverage amount and the cost of umbrella or excess liability insurance, it is essential for businesses to work with an experienced insurance agent or broker. The agent can assess the business’s unique risks, help select suitable policy limits, and provide quotes from multiple insurance carriers to ensure the best coverage at a competitive price. Contact Ralph Schiller below for assistance with Umbrella/Excess Liability coverage

How do I get Umbrella/Excess Liability Insurance cover?

Click the contact button below and contact Homewood. We’ll pass your information to one of our agents in your area. Our agent will be able to advise you of the best coverage for your business and help you put together an application that will prevent you overpaying premiums.

We look forward to working with you.

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