Business owners strive to make the best decisions for their organization. But in today’s litigious climate, even the most successful proprietors can underestimate the value and protection that a Commercial Umbrella policy provides. Everyday occurrences can trigger multi-million dollar lawsuits - even from something as commonplace as an auto accident or a customer falling on a business’ premises.

Examples¹ are not hard to come by:

• Landlord and property manager must pay $12 million to tenant who fell when stairs collapsed - this included $6 million in punitive damages
• Building owner and commercial tenant were sued when a roofer fell through a skylight - $22.5 million awarded between owner and tenant
• Delivery company sued when large item dropped off tailgate and onto the purchaser - $4.9 million settlement
• Two restaurants sued for injuries caused by intoxicated patron - $6.5 million settlement
• Pizza delivery driver struck pedestrian, who sued franchisee/employer of driver - $9 million settlement

Whenever the potential exists for a costly accident that exhausts the limits provided by a primary policy, the Umbrella becomes an essential part of a business’ insurance package.

We know Commercial Umbrella is often undersold, causing missed revenue, a protection shortfall for customers, and lower account retentions. Does your company and agency team maximize the competitive advantage that comes with an Umbrella portfolio? Does your reinsurer offer counsel on competitive and adequate pricing, target marketing, and current product management?

For more on building a strategy that supports your goals for this line of business, give us a call. In the meantime, here’s a graphic we created to help our Commercial Umbrella clients educate their customers about the top 3 benefits of this product.

Endnote

1. LexisNexis