A comprehensive business insurance program should include Umbrella/Excess Liability Insurance. This coverage is designed to provide an extra layer of protection over and above standard Liability policies, which may not offer a sufficient amount of coverage in the event of a catastrophic loss – especially in today’s litigious environment where $1 million lawsuits are commonplace. In fact, one statistic shows that 63% of product liability claims reach $1 million or more.
At A.D. Martin Commercial Insurance, we have experienced professionals who will review your assets, your exposures, and the amount of risk your business can tolerate in order to secure a competitively priced Umbrella policy from the top-rated insurers we represent.
Having Umbrella Insurance / Excess Liability coverage extends the coverage you currently have in the event your business is faced with a liability claim that exceeds the limits of your General Liability, Product Liability, or Commercial Auto policy.
The Umbrella policy steps in when your underlying limits are exhausted, providing protection from various types of liability, including personal injury, liquor law, contractual, and vehicle. For example, if you’re found liable for $1.5 million, but only insured for $1 million for that type of liability, your Umbrella policy kicks in, covering any additional liability. With a $2 million Umbrella policy, your effective insurance against any covered type of liability becomes $3 million.
In addition to assessing the amount and type of coverage you need, our team will review your operational practices for ways to reduce sources of potential losses and other costs.
Helping you weather a liability storm.
A.D. Martin provides business insurance throughout the counties of Atlantic, Cape May, Gloucester, Salem, Cumberland, Camden and Burlington in New Jersey; New Castle County in Delaware; and Chester, Philadelphia and Delaware Counties in Pennsylvania.