Excess liability insurance provides additional coverage that kicks in after the limits of your existing liability policies have been reached. It protects your business from substantial financial losses due to lawsuits, claims, or damages.
Increases the liability limits of your general liability insurance, providing protection in case of severe claims.
Provides additional coverage for claims related to your business vehicles that exceed the limits of your commercial auto insurance policy.
Offers additional protection against liability claims related to employee injuries or illnesses that exceed the limits of your workers' compensation insurance.
It raises the limits on the policies you already carry, usually at a much lower cost per dollar of coverage than increasing the primary limits directly.
It is frequently the cheapest way to satisfy a contract requirement. Many commercial leases and general contractor agreements demand limits well above what a small business would otherwise buy, and an excess layer meets that requirement without restructuring the primary program.
Businesses with significant assets or those operating in high-risk industries should consider excess liability insurance to protect their financial interests.
At Wolf Insurance, we are committed to providing you with comprehensive excess liability insurance solutions that enhance your protection and provide peace of mind. Contact us today for a free quote and ensure your business is safeguarded against unexpected liabilities!
Excess liability only works if it sits correctly on top of the underlying policies. If the general liability, auto, and employers liability limits underneath do not match what the excess policy requires, the excess layer does not attach and the gap falls on the business. We check the schedule of underlying insurance against the actual policies before binding, which is the part most commonly missed when the layers are bought from different agents.
The amount of coverage you need depends on your business's assets and potential risks. A common recommendation is to have enough coverage to protect your net worth.
Generally, excess liability insurance is quite affordable compared to the level of coverage it provides. Premiums can vary based on your existing policies and the amount of coverage you choose.
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