Excess Liability Insurance
What is Excess Liability insurance?
Excess Liability insurance is a type of policy that offers coverage above and beyond the limits provided by the underlying liability policy. It is designed to provide additional financial protection in case of a catastrophic event that may result in large damages or legal judgments.
When does a business need Excess Liability insurance?
Businesses may consider getting Excess Liability insurance for various reasons. For instance, if they face frequent liability exposures or significant liability risks, they may need additional protection that goes beyond the basic liability coverage. Companies that operate in high-risk industries, such as construction, healthcare, or transportation, may have a higher chance of facing costly liability claims, making it essential to have additional coverage beyond their primary liability policy.
Additionally, some clients or contracts may require businesses to have higher insurance limits in place, which can be fulfilled by an Excess Liability policy. Clients or partners may require businesses to carry Excess Liability insurance as part of their contractual obligations, in order to protect their own interests in case of a lawsuit.
What are some business that should consider Excess liability insurance?
Businesses that may need Excess Liability insurance could include those that operate in industries with high risk of accidents or lawsuits, such as construction, manufacturing, healthcare, and transportation. Additionally, businesses with high net worth or valuable assets to protect may also find Excess Liability insurance beneficial as it can provide an extra layer of financial protection.
Ultimately, the decision to get Excess Liability insurance should be based on individual business needs and risk profile, and it's always a good idea to consult with an insurance professional to determine the appropriate coverage.
Contact an insurance agent for more information
For more information on Excess Liability insurance, consult with an insurance professional to determine the appropriate level of coverage for your business. An insurance professional can help you understand the risks your business faces and recommend the right coverage to protect you from financial loss. Contact us to help locate an insurance agent in your area who can assist you with your insurance needs.Find an Insurance Agent Near You