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    Whether you just closed a huge new account or if you are moving into that sweet new office; chances are you need proof of insurance - and you need it fast!

    Here @ Insurance4Technology, we utilize the best insurance tech available to turn around customized quotes catered to your exact needs in hours, not days.


    Umbrella Liability / Excess Liability Coverage

    What is Umbrella Liability / Excess Liability Insurance?

    Umbrella Liability (also known as Excess Liability) is exactly what it sounds like. It provides coverage should your underlying liability limits be exhausted due to a large claim. For example, if your General Liability policy has a limit of $1,000,000, but your are involved in a claim that calls for a $2,000,000 settlement, your umbrella policy would cover that additional million dollars.

    Umbrellas are usually inexpensive for small businesses. For example, a one man IT consultant can usually add a one million umbrella for $450 per year. Limits up to ten million are usually available at similar incremental costs. 

    Why do I need Umbrella Liability / Excess Liability Insurance?

    Umbrellas primarily provide additional amounts of liability insurance in increments of $1,000,000, that would be excess over general liability, automobile liability, and employers liability coverage (the company liability part of a workers compensation policy).

    Computer and IT services firms as a rule do not perceive that they have much risk when it comes to bodily injury and property damage claims. The exception is claims arising from the use of automobiles and workplace accidents covered by workers compensation insurance. The high limits provided by an umbrella policy are a sound recommendation.

    Most decent sized contracts will have higher requirements than the standard one million general liability requirement. An umbrella is an easy way to add protection while meeting these requirements. 

    Umbrella Liability coverage may be described in your contract this way: "Commercial Excess Liability Insurance in the amount of $1,000,000."

    Another vital reason to carrier an umbrella is if there are owned business automobiles. An auto accident may be ten times more likely to occur than a rare general liaiblity loss. The umbrella should extend to owned autos giving the business added buffer in case of a large auto related  accident. 

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