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Umbrella Liability Insurance
An umbrella insurance policy provides additional limits of coverage in increments of $1,000,000 in addition to the underlying limits of General Liability, Business Auto, and the Employers Liability portion of a Workers' Compensation policy.
For example, if you have an Umbrella Liability Insurance policy with a limit of $4,000,000 and a General Liability policy with a limit of $1,000,000, you have $5,000,000 of total limits of General Liability protection.
It is important to note that Umbrella Insurance Policy liability do not coordinate with and provide additional limits of protection over a Professional Liability policy. Therefore, if you want a higher Professional Liability limit than $1,000,000, you must buy this separate from the Umbrella Liability.
Why would a tech company want to buy an Umbrella Insurance Liability policy?
1. If it is required by contract to protect a customer or another tech company that you are performing work on behalf of.
2. You want the additional "peace of mind" for a relatively inexpensive price. The average premium for each $1,000,000 of incremental coverage is approximately $350.
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THE POLICY LANGUAGE REFERENCED IN THE COVERAGE DESCRIPTIONS AND THE OPINIONS IN THE COMMENTARY IS MERELY A SUMMARY FOR ILLUSTRATIVE PURPOSES ONLY AND IN NO WAY IS A STATEMENT OF COVERAGE AS ONLY THE ACTUAL POLICY ITSELF CONTAINS ALL OF THE COVERAGES, EXCLUSIONS, DEFINITIONS, AND CONDITIONS. A SPECIMEN POLICY FORM WILL BE PROVIDED FOR YOUR REVIEW UPON REQUEST.
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Sadler & Company, Inc.
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