Extend your protection with excess and umbrella liability insurance
When your current liability policy reaches its limit, you might be left with unexpected legal expenses that aren’t covered. This is where excess and umbrella liability insurance step in, offering an extra layer of protection so you can feel more secure.
Why consider additional liability protection?
Benefits of excess liability insurance
Excess liability insurance serves as an important safeguard by raising the payout limit above what your existing liability policy offers. If you face a claim or lawsuit that exceeds the maximum payout of your primary policy, excess liability insurance steps in to cover the additional expenses that your original coverage will not address. This means you are less likely to be personally responsible for substantial out-of-pocket costs in the event of an unforeseen incident.
Benefits of umbrella liability insurance
Umbrella liability insurance offers an even greater degree of protection, providing coverage that spans several of your current policies. It not only increases your payout limits but also fills potential gaps, addressing scenarios or claims that might not be covered by your base policies. Umbrella insurance activates whenever any individual policy’s limit is surpassed, ensuring you have an extra layer of financial security. For Canadians seeking comprehensive protection, umbrella insurance is a smart investment that helps safeguard your assets, reputation, and peace of mind when unexpected events occur.
Choosing the right liability insurance extension becomes effortless with experienced advisors by your side
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Our most popular excess liability policies
At Acera Insurance, we commonly offer the following types of excess liability coverage:
- Excess General Liability
- Excess Commercial Auto Liability
- Excess Employers’ Liability
- Excess Product Liability
- Excess Professional Liability
- Excess Directors and Officers Liability
- Excess Marine Liability
- Excess Personal Liability
Please note: Excess liability insurance does not provide standalone liability coverage, nor does it protect against risks that are not already covered by your underlying policies.
Why choose Acera Insurance for excess and umbrella liability?
Comprehensive Coverage Options
As Canada’s largest independent brokerage, Acera Insurance leverages relationships with a wide range of leading insurance companies. This means you benefit from an extensive selection of coverage options, ensuring you receive the protection that best fits your unique needs and circumstances.
Expert Guidance from Dedicated Brokers
Our experienced brokers are committed to understanding your specific insurance requirements. We proactively seek out competitive quotes for your extended liability coverage, offering personalized advice every step of the way. You can count on us to be your trusted resource for all things insurance.
Responsive and Supportive Claims Assistance
Should you ever need to make a claim, Acera Insurance stands by you as your advocate. Our team works tirelessly to expedite your claim, ensuring the process is as swift, seamless, and stress-free as possible so you can focus on what matters most.
Helpful tips from our advisors.
As experts in liability coverages across a variety of industries, we’ll take the time to get to know your business and recommend the extended coverage that suits your needs.
Answering your most common questions.
Why do I need excess liability insurance?
This coverage is an excellent idea for any business, particularly if the company’s revenue or assets exceed their liability coverage limits. Commercial excess liability insurance is also important in the event of catastrophic losses and lawsuits that follow. If you operate in a higher risk industry or one that experiences higher rates of litigation, this coverage is also a good idea. Another reason to purchase commercial excess liability insurance is if you’re unable to get a higher policy limit with your current liability policy.
What questions should I ask when purchasing excess liability insurance?
- What is covered by your current liability policies?
- What are your current liability insurance policy limits?
- What is the value of your assets?
- What’s your annual income (or revenue if you’re purchasing commercial excess liability insurance)?
- What’s your budget for premiums and a deductible?
How does excess liability insurance work?
Let’s say you manufacture a product that has an unexpected defect that has started a few fires, and you’re sued for damages. Luckily, you have product liability insurance – but the lawsuit settlement exceeds the policy limit. Your excess liability insurance would be able to help cover the rest of the settlement costs.
If you did not have excess liability insurance for yourself or your business in this scenario, you or your business would need to pay the difference out of pocket. Your excess liability coverage is insurance for your insurance – it takes over when your existing liability policies are maxed out.
Who should consider umbrella liability coverage?
If you work in a profession with high rates of litigation or if you want to expand your coverage limits across multiple existing policies, umbrella liability coverage could be right for your business. Additionally, purchasing umbrella liability is a good idea If you are concerned about gaps in your current coverage.
How does umbrella liability insurance work?
An umbrella policy fills in the gaps and provides an additional layer of protection by providing insurance for a wide range of liability issues, including car accidents, product liability, property damage and employee or customer injuries.
Let’s say a judge ordered your business to pay $2 million in damages for a liability claim, but your general liability policy has a $1 million limit. In normal circumstances, your business would have to cover the $1 million shortfall. However, if you have a $3-million umbrella policy, it would kick in after your general policy limit is reached and cover the shortfall.
How can I reduce my liability risk?
There are a number of ways you can reduce your risk when it comes to liabilities. These include:
- Choosing a broker who understands your industry, ensuring that you receive tailored advice specific to your situation and get the comprehensive coverage you need.
- Focusing on prevention, completing a risk assessment of your business on a regular basis and developing strategies to eliminate or reduce risks
- Providing regular, thorough employee training about risks and processes to mitigate them
- If you work with contractors, get references
- Managing property risks such as:
- Ensuring your premises is equipped with all safety equipment such as railing and fire alarms and keeping walkways free from tripping hazards
- Using signage, alarms and lights to warn of potential dangers
- Performing regular and seasonal maintenance on your premises
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