Umbrella insurance policies are comprehensive, covering a broad spectrum of liability risks. However, they do not cover every possible incident that could occur in Canby, OR. To ensure complete coverage, separate umbrella policies must be purchased for a business, even a home-based one. At Oliver Insurance, we can assist with selecting the right policy for both personal and business use.
Understanding the Difference between Commercial and Personal Umbrella Insurance
The primary distinction between commercial and personal umbrella insurance policies lies in the coverage limits. Commercial umbrella insurance naturally has higher liability limits. These higher limits are necessary because businesses generally face greater levels of risk and often need to provide coverage for a larger number of individuals than a personal policy would.
Personal umbrella insurance policies benefit homeowners, particularly those with a large dog, those who frequently host parties or employ household staff, drive a luxury car, rent out properties, possess features like hot tubs or pools, or are public figures with significant wealth. That said, even if you primarily operate your business from your home, these policies will not cover any business activities conducted within your premises.
What Commercial Umbrella Insurance Covers
Almost every business can benefit from commercial umbrella insurance due to its additional liability protection. Situations where this kind of coverage is beneficial include:
- If a client falls on your property and sues for injuries and medical expenses,
- If another company defames your business, leading to loss in a court case,
- If your employees operate company-owned vehicles.
Commercial umbrella insurance policies are designed to cover the activities and premises of your business, as opposed to the personal actions of your family.
High-profile individuals residing in Canby, OR can benefit from holding both personal and commercial umbrella insurance policies. At Oliver Insurance, we are ready to tailor your umbrella insurance coverage to meet your specific needs. Contact us today to start with a policy that offers the financial stability and peace of mind you need.
