What happens when a judgement in a lawsuit could potentially exceed the policy limits on your traditional insurance policy? If your insurance broker is CSN Insurance Services based in North Las Vegas, Nevada and you have purchased a commercial umbrella policy, you can relax, as your assets have been protected.
A commercial umbrella policy extends the liability coverage of the underlying primary insurance policies, adding an additional layer of protection for your company’s assets. If you elect to operate your business without a commercial umbrella policy the company (and potentially its shareholders) may be obligated to pay the legal fees, medical bills, and damages in excess of that which is already covered by the underlying primary business coverages.
Though not as common, there are personal umbrella policies available and warrant your consideration. If you are a business owner with a net worth in excess of $1,000,000 you should strongly consider allowing the insurance industry professionals at CSN Insurance Services to quote a personal umbrella policy. The protection afforded by a personal umbrella policy results in your peace of mind, knowing your financial assets are fully protected.