California Commercial Excess Liability Insurance

When disaster strikes, you’re covered with a second layer of protection.

As a business owner, you already know the importance of having enough insurance coverage. Between general liability, commercial auto, and workers’ compensation, it might feel like you already have too much insurance.

But, have you thought about what will happen if there’s a big accident or major disaster? Thanks to big settlement payouts and increasing medical costs, one big accident might be more than your existing liability coverage protects.

That’s why you need a California excess liability insurance policy.

When your liability coverage isn’t enough to pay a claim, in California, excess liability insurance policies will pay the difference up to your policy limits. Have $1 million in general liability coverage but have a claim worth $1.5 million? Without excess liability insurance, you’ll have to pay the remaining amount out of pocket. For many small businesses, it can cause you to go bankrupt, or at best, be extremely difficult.

For California businesses, excess liability insurance adds an extra layer of liability protection to avoid those financially ruinous situations. Pick the right coverage for your business.

Excess Liability Coverage

There are two types of excess liability insurance you can choose for your business.

Excess liability: This increases your liability coverage for a single liability you choose: general, auto, or workers’ compensation. You can purchase separate policies for each liability.

Umbrella: The most well known option, umbrella coverage lets you bundle your liabilities together. This means that if any liability claim exceeds your policy limits, umbrella insurance pays the difference, up to the policy limit. But if you have multiple bad accidents, your umbrella coverage might run out too soon.

Excess Liability Coverage for Contractors

For California contractors, an excess liability insurance policy isn’t just helpful in a big accident or for a large claim. It can help you get the job, too.

Some contracting jobs require a specific amount of general liability coverage. You can purchase excess liability to boost your existing coverage. You might carry $1 million in general liability coverage, but the job may require $2 million. Purchase an excess liability insurance policy to make up the difference, and you’ll be on your way to winning the bid.

Here at IBW, we can help you decide which form of California excess liability coverage is right for your business. Let us help you add a second layer of liability protection to your business.