Commercial Umbrella Insurance
Umbrella insurance starts where other policies end, keeping your out-of-pocket costs manageable. A cost-effective policy can extend the limits of your general business liability, commercial auto coverage, and other business insurance policies.
What Is Commercial Umbrella Insurance?
For businesses, a commercial umbrella liability insurance policy is an extra layer of liability protection that covers costs beyond other business liability coverage limits. This coverage isn’t a policy replacement, but enhances your current risk management policies to give you additional peace of mind.
What Does a Commercial Umbrella Policy Cover and Not Cover?
Commercial umbrella insurance provides a great level of liability protection for businesses, but it doesn't cover every kind of claim. You’ll find that the coverage reflects what’s covered under your business liability insurance policy.
A commercial umbrella liability policy will generally cover:
- Building, work equipment, and other business property damage
- Medical bill expenses, attorney fees, and damages stemming from a lawsuit
- Judgments and settlements
In addition to not extending the limits of certain types of policies such as commercial property insurance, business umbrella insurance typically doesn’t cover:
- Damage to personal property (house, car, or personal possessions)
- Personal injuries
- Employee theft or other criminal acts
Extra Coverage for a Rainy Day
In the event of a claim, don’t let your insurance policy limits fall short. Extend your coverage to cover losses above and beyond your existing insurance. At Paychex Insurance Agency, our licensed agents can help you find an umbrella insurance provider to help you manage costs. From there, we can help you every step of the way to ensure that your business has the protection it needs, no matter what happens.
Why Set Up Commercial Umbrella Insurance With Paychex
Protection for Your Business Assets
One of the benefits of this insurance is that you can secure coverage for your building and equipment that exceeds your normal liability coverage limits.
Insurance for All Types of Businesses
Whether your business is solely online, brick-and-mortar, or a combination of both — and no matter what your size — Paychex Insurance Agency can help you find the right umbrella business insurance policy.
Policies From Top Carriers
We partner with top-tier national and regional insurance carriers to provide large and small business umbrella insurance policies tailored to your business plan and budget.
One Place for All Your Insurance Solutions
As a top 100 insurance agency*, we’re your single stop for property and casualty, health and benefits, and benefits administration. Find out more about what Paychex Insurance Agency can offer you, your business, and your employees.
Business Insurance To Meet Your Needs
Paychex Insurance Agency offers a wide range of business insurance policies to help protect your business and employees from costly claims and losses.
Errors and Omissions
Protect against actionable mistakes by employees or contractors.
Umbrella Insurance FAQ
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Why Do I Need a Commercial Umbrella Policy?
Why Do I Need a Commercial Umbrella Policy?
Many business owners find that they need extra coverage beyond their general liability insurance policy, protecting them against crippling out-of-pocket expenses and maintaining operations. For a single premium, a business umbrella policy expands coverage limits across a wide range of business operations and associated risks.
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How Much Does Umbrella Liability Insurance Cost for a Business?
How Much Does Umbrella Liability Insurance Cost for a Business?
As no two businesses are exactly alike, there is a wide range of pricing in commercial umbrella insurance. This accounts for the fact that there are a variety of risks that each company faces. The amount of insurance required is also a significant factor. Talk with a licensed agent at Paychex Insurance Agency to find the right policy at the right price to fit your business’s needs.
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Who Needs a Commercial Umbrella Policy?
Who Needs a Commercial Umbrella Policy?
Businesses should consider their overall liability risk when deciding whether to get a commercial umbrella policy. If you think the cost of a claim could exceed your current insurance liability limits, buying business umbrella insurance is a good idea. In addition to the industry you’re in, account for factors such as whether your employees:
- Frequently interact with customers (risk of bodily injury)
- Work on someone else’s property
- Use heavy machinery or potentially dangerous equipment
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What Is the Difference Between Umbrella Insurance and Commercial Insurance?
What Is the Difference Between Umbrella Insurance and Commercial Insurance?
General business or commercial insurance provides overall coverage for doing business, while commercial umbrella liability insurance comes into play where other insurance policies leave off. Consider umbrella insurance an additional liability coverage that goes beyond the underlying coverage in general liability insurance. Learn more about the basics of business insurance.
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Does Umbrella Insurance Cover My LLC?
Does Umbrella Insurance Cover My LLC?
At its core structure, an LLC protects a business owner’s personal assets from claims made against the business. For instance, if someone took legal action against your LLC and won, they wouldn’t be able to take assets such as your home or car as part of the settlement. An umbrella policy would protect you and your business beyond any other business insurance policy you maintain. In the event of a claim, umbrella insurance would pay on behalf of the business, up to a certain amount of money (minus your insurance deductible).
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Is It Worth Having an Umbrella Policy?
Is It Worth Having an Umbrella Policy?
Umbrella insurance is worthwhile if you have significant assets you're looking to protect from costly liability claims. The cost of umbrella insurance is also relatively inexpensive for the amount of extra protection it provides the business if it exceeds its primary insurance limits — consider costly lawsuits, car accidents, or other unexpected risks.
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Is Umbrella Insurance a Business Expense?
Is Umbrella Insurance a Business Expense?
Insurance premiums for any type of business insurance can be deducted as a business expense. Note that premiums for personal liability umbrella insurance are not tax-deductible.
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Does a Commercial Umbrella Policy Cover Property Damage?
Does a Commercial Umbrella Policy Cover Property Damage?
An umbrella policy will cover commercial property damage if you’ve reached or exceeded the limits of your property insurance. This would include:
- Buildings
- Equipment
- Furnishings
- Fixtures
- Inventory
- Computers
- Valuable papers
- Records
- Personal property of others in your care, custody, or control
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Can I Buy Umbrella Insurance Separately?
Can I Buy Umbrella Insurance Separately?
Umbrella insurance is additional coverage you add to policies you already have, such as a general liability policy. It’s not a separate policy. That means you can’t get commercial umbrella insurance if you don’t have general liability insurance. Consider the cost advantages of bundling other forms of business insurance with an umbrella policy under the same carrier.
