Excess Liability
WHAT IS EXCESS LIABILITY COVERAGE?
Excess liability coverage serves as a safeguard by providing limits that surpass those of the primary liability policy. It acts as a form of insurance for your insurance, offering additional protection against unforeseen losses. While some brokers may mandate this coverage, it is also beneficial for ensuring comprehensive coverage in case of any potential loss. In the event that an accident exhausts the limits of your primary insurance policy, excess liability coverage steps in to cover any remaining liability, shielding your personal assets from potential claims. This additional layer of protection provides peace of mind and financial security for your business operations.
WHAT IS THE COST OF EXCESS LIABILITY?
Trucking umbrella insurance coverage is available in increments of $1,000,000, with certain policies extending coverage up to $50,000,000. However, acquiring such extensive coverage comes at a price, typically starting at $2,500 per year or more. Despite the higher cost, this insurance provides invaluable protection by offering an additional layer of coverage above and beyond your primary insurance policies. It acts as a financial safety net, safeguarding your assets and providing peace of mind in the face of potentially catastrophic losses.
FINDING EXCESS LIABILITY FOR COMMERCIAL TRUCKING
When seeking comprehensive coverage to ensure maximum protection, costs can escalate. It’s crucial not to settle for the first quote you receive for excess or umbrella insurance. Take the time to explore multiple options until you find a policy that aligns best with your needs and budget. If you’re interested in learning more or obtaining a quote for excess liability coverage, don’t hesitate to reach out to us at TIS. Our team is prepared to assist you every step of the way!