What Exactly Is Excess Liability Coverage?
This insurance policy covers lawsuits that exceed the limits of your primary insurance policy. For example, if a business hits the coverage limit on a particular policy, excess liability insurance will cover the amount above the underlying policy limit.Who Needs Excess Liability Coverage?
- Real estate
- Manufacturers
- Media companies
- Retail businesses
- Hotels and motels
- Construction contractors
- Printers and publishers
- Wholesalers/distributors
- Insurance companies and financial institutions
How Do I Know My Company Needs Excess Liability Coverage?
You should consider excess liability coverage if:- You work with clients who need more insurance coverage.
- You regularly face liability risks, such as if your workers do a lot of travel.
- The liability risks you encounter are higher such as if you manufacture a product that could result in employee injury.
What Does Excess Liability Insurance Cover?
This insurance policy offers additional coverage if your business exceeds your policy limit. This policy is designed to provide coverage for the following circumstances:- Injuries are sustained in the insured property, and the damages exceed the underlying s policy’s limit.
- An accident involving the insured’s car or recreational vehicle causes injury to someone else.
- Judgments exceed the insured’s current coverage limits.
