Choosing the best form of liability insurance for your business is a big decision. In order to ensure that you make the right choice, it’s crucial to understand the difference between the two main types of coverage. Here is an overview of umbrella liability vs excess liability insurance to help you determine which one is right for you.
Umbrella liability differs from excess liability insurance mainly in the amount of coverage it provides. In most cases, umbrella liability offers extra coverage that is not found in a standard liability policy. If you’re looking to expand your liability policy, investing in umbrella liability can allow you to be properly insured in many situations.
There are extra limits provided in an excess liability policy, just as there are in umbrella liability. However, excess liability insurance has certain limitations that aren’t found in a standard policy. Excess liability also does not typically offer extra coverage that isn’t present in the standard liability policy.
Choosing the Right Insurance
Both umbrella liability and excess liability policies offer the coverage you need if a claim is made against you. If you’re debating between umbrella liability vs excess liability, it’s worth noting that umbrella liability is generally a more versatile option for business owners, as stated by the experts at Brynes Agency Insurance. Ultimately, the policy you choose depends on the goals you have for your business.