Commercial Insurance Vs. Umbrella Insurance

Commercial insurance is taken out to protect a business, business property or business automobiles or other tangible business items. In the state of Colorado commercial insurance products include: professional liability, business liability, property, lender required, commercial umbrella, and excess liability insurance,  

The main differences between the two insurances is that umbrella insurance comes into play where other insurances leave off while commercial insurance basically insures your business. In Colorado a business owner would procure commercial umbrella insurance to cover those  areas beyond commercial insurance.

Umbrella insurance is a very specific insurance and is usually for individuals who have assets above the ordinary. These individuals are at a higher risk for being sued due to their personal and business assets. That is not to say that persons of less wealth are not at risk to be personally sued it is just not as likely. When people and/or their business are sued typically their insurance commercial or business insurance will cover the liability that is incurred.  Umbrella insurance covers amounts that extend beyond the covered amounts.

Umbrella insurance can also cover liability if someone is sued as a result of an item that is usually covered by home owners insurance. Again, umbrella insurance covers areas of liability that exceed the amount protected by home owner policy limits. 

It is recommended that you contact an insurance agent at  CO Insurance Specialist in Wheat Ridge, CO in order to ascertain exactly what kind of insurance product will best meet your business needs. When you call feel free to ask about other insurance products as well as it is always best to one-stop shop when it comes to insurance. Call today at (720) 638-0850, we will be right here when you call.