Umbrella Liability / Excess Liability Insurance
for Contractors, Builders & Other Construction Professionals

As a contractor or construction professional, you already know that you are usually, if not always, required to carry a General Liability Insurance policy, but sometimes, one policy is not enough. Perhaps your company takes on a new project and the contract requires you to carry $2 million in General Liability coverage. Your primary policy only insures you for $1 million.

What do you do?

One easy (and affordable) way for contractors and construction professionals to add extra liability protection is to purchase an Umbrella Insurance (sometimes called Excess Liability Insurance) policy.

For only a few hundred dollars a year, most construction and contracting businesses can get the extra coverage they need with an Umbrella and Excess Liability Insurance policy. Keep reading to learn how Umbrella and Excess Liability coverage can protect your business.

Contractors and Construction Professionals: How Umbrella Insurance Protects Your Business Assets

Contractors and Construction Professionals: How Umbrella Insurance Protects Your Business Assets

As a contractor or construction professional with Umbrella Insurance, you give your business insurance plan a boost across several policies — you can increase the coverage limits of multiple policies for one affordable premium. Umbrella Insurance isn't just for when a contract requires you to carry more coverage. It also protects you in the event that your business is faced with a claim that exceeds the limits of an underlying policy:

  • General Liability claims: Construction and building sites can pose many hazards, especially because they are often located in public places, which increases your exposure to General Liability claims. What if something catastrophic happens — an explosion that severely injures a child who was standing near the fence? That claim, between the lawsuit and the medical bills, could easily top your policy's limit.
  • Commercial Auto claims: You may own business vehicles and insure them with Commercial Auto Insurance. Auto accidents are one of the most expensive (and common) claims around — especially when the accident involves multiple people and injuries. If you get into an accident while driving for work and someone involved ends up seriously injured or dead, your expenses may top your policy limit. If you don't own your business vehicles, this coverage can boost your Hired & Non-Owned Auto policy instead.
  • Employer's Liability claims: Employer's Liability is the part of your policy that protects you against lawsuits linked to Workers' Compensation claims. Workers' Comp benefits will automatically pay for an injured employee's medical bills and lost wages during recovery, but if an employee sues you for providing an unsafe environment that caused the injury, you'll need Employer's Liability coverage. Should the cost of a Workers' Comp lawsuit exceed your Employer's Liability coverage, Umbrella Insurance can fill in the gap.

As long as your policy is covered under Umbrella Insurance, you coverage can help you pay for the difference, should a claim exceed your limits. Without Umbrella Insurance, you'd be responsible for paying the difference out of pocket — even if your company can't afford it. In some cases, your personal assets can be at risk if your business assets can't cover the debt.

Contractors and Construction Professionals: Key Details About Your Umbrella / Excess Liability Insurance

Contractors and Construction Professionals: Key Details About Your Umbrella / Excess Liability Insurance

When you're shopping for an Excess Liability Insurance policy for your contracting or construction business, you'd do well to keep the following in mind:

  • What it doesn't cover: While Umbrella Insurance does cover a lot, it cannot cover everything. For example, it cannot boost your Errors & Omissions coverage or your Property Insurance policy.
  • $1 million can be affordable: Umbrella Insurance is sold in $1 million increments, but don't let the large sum fool you. This coverage is surprisingly affordable. You may be able to get the $1 million in extra liability protection for only a few hundred dollars of premium per year.

At those prices, there really isn't a reason not to give your contracting or construction business the best liability protection around. Protect your business's future fiscal health with the extra protection of Umbrella Insurance.

Construction & Contracting Professionals: Get an Umbrella Insurance Quote

Construction & Contracting Professionals: Get an Umbrella Insurance Quote

Want to add an Umbrella Insurance policy to your business protection plan? Start by getting a quote! You can either speak with an insureon agent who will negotiate competitive Umbrella Insurance quotes on your behalf, or fill out our no-hassle online form.

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