Life is unpredictable –– and so is business. It’s hard to pinpoint what problems will arise. Luckily, we’ve got the unknown covered.Excess and umbrella insurance act as another layer of protection between you and risk in addition to your primary coverage plans. These secondary policies maximize peace of mind and minimize liabilities so that you can stay focused on what matters most: your uninterrupted success. .
Excess and umbrella insurance policies aren’t necessary for all businesses. To determine if your business could benefit from extra coverage, it’s imperative to take a closer look. Do you sign contracts that carry higher risk? Who are your clients? How valuable are the buildings you’re working on?.
Umbrella policies generally provide increased limits coverage over multiple policies that may not have concurrent renewal dates whereas excess coverage usually provides increased limits over a single line of coverage. With the Security America Program, our Umbrella policy can provide additional limits for your general liability, professional liability, commercial auto and worker’s compensation. Our excess policy, however, only provides additional limits for your general liability and professional liability policy. One additional difference is that an umbrella policy will usually contain a self insured retention that the insured is responsible for should a claim exceed their underlying policy limits and trigger their umbrella policy.
We always like to say – hope for the best and plan for the worst. From a severity perspective, the single most terrifying claim is a wrongful death claim. In the alarm industry, you face the potential for wrongful death claims. In addition, you have to evaluate the value of the properties you are working on. While laws are generally in your favor regarding the value of personal property being protected by an alarm system, there are other losses that you may be found liable for.
Yes! Sometimes, it isn’t cost effective to purchase an umbrella or excess policy for all the work you do. You may have a contract that requires a higher limit and we can absolutely write umbrella or excess coverage that would only apply to that particular contract.
