As a business owner, you want to be sure your company is well-protected. Part of that protection is having enough insurance coverage. Insurance policies are typically complicated and can sometimes be hard to understand. For example, on the surface, an umbrella policy and excess liability policy look much the same. They’re actually much different, though. According to David Sayles Insurance, here is the difference in umbrella vs. excess liability insurance.
Umbrella Policy
An umbrella policy provides more insurance than a traditional liability policy and covers a wider variety of situations. Sometimes, it even has a worldwide coverage territory. However, the specifics of umbrella policies depend on the insurance agency, so it is best to ask about the coverage rather than make assumptions.