Law Firm Umbrella Insurance

Standard business liability coverage will take care of you in most situations, but commercial umbrella insurance will help ensure that your business is protected when serious situations arise. Learn what an umbrella policy is and how it works.

What is umbrella insurance?

Umbrella liability insurance protects you when accidents happen, and your existing liability insurance policies cannot cover all the expenses. Essentially, it picks up where your business auto liability, general liability, or other liability coverage stops, providing extra protection against bodily injury and/or property damage.

How commercial umbrella insurance works

A commercial umbrella policy serves two distinct purposes:

• It expands the limit that your law firm already has in its existing, or underlying, liability policies. If your general liability policy offers $1 million coverage per occurrence or $2 million total, you could expand those limits to $6 million per occurrence and $7 million aggregate with a $5 million umbrella policy (which is the limit many state education boards require).
• It broadens coverage for things that your underlying policies may not cover. If your auto liability policy covers accidents that might occur in a specific area, an umbrella policy could expand the coverage territory.

Customize your umbrella policy to fit your law firm.

We can tailor commercial um

f you don’t have an umbrella policy, here’s what you need to provide to get a customized umbrella policy quote:

• The financial and operational details of your law firm.
• A copy of the declaration page of your current general liability and business auto insurance policy (if you have them).
• Any prior losses your law firm has experienced. Keep in mind that a loss doesn’t necessarily mean your premium will be higher.
• A list of the company’s officers, positions, and experience is different from the record owners. Typically, the longer and more successful the law firm’s overall record, the better the insurer’s risk and the lower the premiums.
• Annual payroll and a breakdown of employees who are full-time, part-time, subcontractors, or consultants.

Be sure to mention whether you carry professional liability, errors or omissions liability, liquor liability, employee benefits liability or employment practices liability insurance.