Provides extra coverage against liability
The Umbrella Insurance is a type of liability coverage that is used by many businesses today. It is designed to protect you from lawsuits demanding significant compensation. In doing so, the Umbrella Insurance protects your current assets and by extension, the future of your enterprise.
Covers multiple sources of liability
This insurance policy covers lawsuits, damaged property, and injuries. It also covers situations of personal liability. It provides protection for you in multiple situations hence the term “Umbrella.”
Delivers a unique level of protection
There are many other insurance policies which cover the same liabilities that the Umbrella Insurance does. However, a unique feature of this coverage is that it provides protection over and above the limits that other policies can offer for the same liabilities. It essentially increases your leverage as the holder of the Umbrella Insurance policy.
Increases convenience for trucking businesses
The Umbrella Insurance policy provides a strong, extra layer of protection. It accomplishes this by covering elements such as legal fees, medical bills and damage costs that exceed the limits of their individual policies.
It provides economic protection
It can provide protection from any devastating economic losses that you could suffer. Interestingly, you are automatically eligible for an Umbrella Insurance policy if you have some Commercial Liability Insurance.
You are protected against damages
In terms of property damage, the Umbrella Insurance provides coverage in case the standard policy which you had invested in is exhausted. It also provides protection if you end up destroying any other vehicle or property and are at fault.
Your health and reputation are covered
If you should suffer serious bodily injury and your current health insurance does not provide enough coverage for a full recovery, the Umbrella Insurance policy can provide a solution. It can extend the limits of your health insurance and cover the cost of medical care and recovery. This type of insurance policy also provides coverage for libel or slanderous lawsuits.