Excess & Umbrella Liability Insurance
Extending your coverage for extra protection.
What happens when your existing liability policy has reached its limit? There could be additional legal expenses you’re not covered for. That’s where excess and umbrella liability coverages come in – they provide an added layer of protection to put your mind at ease.
Your guide to excess and umbrella liability.
Excess liability insurance extends the policy limits of your existing liability insurance policy. In other words, it takes over when your maximum payout amount has been reached. Your excess liability insurance will pick up the remaining costs from what your other policy doesn’t cover.
Umbrella coverage typically provides broader coverage across multiple existing policies to deliver an extra layer of protection. It also kicks in once an individual insurance policy limit is reached.
Supporting businesses across Canada.
Get your excess and umbrella liability by phone or in person at your nearest location.
Our most popular excess liability policies.
The common excess liability coverages we offer at Acera Insurance include:
- 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
Keep in mind that excess liability insurance doesn’t provide standalone liability coverage, nor does it offer protection from additional risks.
Why choose Acera Insurance for excess and umbrella liability?
Coverage Options
As Canada’s largest independent brokerage, Acera Insurance works with a large number of insurance companies. This allows us to offer you a choice in your coverage.
Dedicated Brokers
Our brokers can determine your insurance needs and find competitive quotes for your extended liability insurance. We’ll provide advice and act as your insurance resource.
Claims Support
In the event of a claim, we’ll be there to advocate on your behalf to expedite your claim as quickly and efficiently as possible.
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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