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.
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.
“It is impossible to protect yourself against all liability, and it can be extremely difficult to protect yourself against liability where you are only indirectly involved. Fortunately, you have a couple of different options to minimize your risk if you’re concerned about potential liability issues.
Contingent liability insurance is a type of coverage that’s intended to cover liability which may or may not be needed. This is because it is dependent on the outcome of a specific event. Potential loss or damage may occur at some point in the future, but it also may not. Until someone discovers a way to reliably predict the future you may want to obtain contingent liability coverage. More information about contingent liability can be found at https://www.usrisk.com.