You've worked hard to launch and grow your business, so it can be devastating if your business suffers a catastrophic event or faces a damaging lawsuit. Although standard Commercial Insurance policies are designed to help, there are instances where the damages and costs far exceed what regular policies will cover.

Today, we're diving into the world of Excess Liability and Umbrella Insurance, two powerful policies that can save your business if disaster strikes. We'll explore how they work, why your industry might require them, and why Aegis Insurance & Financial Services is your go-to partner for getting the right kind of coverage for your needs.

Excess Liability vs. Umbrella Insurance: What's the Difference?

These two may seem like two similar Commercial Insurance policies, but there are notable differences between them:

Excess Liability Insurance: This policy provides additional coverage once your primary insurance policy's limits are exhausted. Essentially, it gives you more of the same kind of insurance protection you already have.

For instance, if your retail store is decimated by a major fire, Excess Liability can cover any expenses, repairs, or replacement costs that exceed your standard Commercial Property policy.

Umbrella Insurance: This insurance works as an all-in-one form of protection. It doesn't just extend your primary policy – it can cover different types of liability under one comprehensive policy.

Umbrella Insurance helps business owners facing liability claims that want to protect their personal assets if their current Commercial Insurance policy limits are exhausted. For example, if a customer is severely burned by a hot drink in your restaurant, the medical expenses and court-appointed damages resulting from that accident may exceed what your General Liability and Product Liability Insurance would cover.

Why Might Your Business Need Them?

Liability claims can hit from all directions, and it doesn't matter whether you're a tiny startup or a well-established corporation. Here's why you should consider these policies:

• Size Doesn't Equal Risk: No business is too small for these policies. Any company, regardless of its size, can face a liability claim that goes beyond the limits of its primary insurance. Even if you're a solo entrepreneur, these policies can protect your personal assets.
• Unexpected Events Happen: You don't have to be in a high-risk industry to face a substantial claim. Slip-and-fall accidents, contract disputes, or product issues can lead to costly liability lawsuits. Excess Liability and Umbrella Insurance act as a safety net for these unexpected situations.
• Financial Security: You might think extra coverage is expensive, but consider it an investment. It's a cost-effective way to ensure you won't have to dip into your business's funds or personal savings to cover a substantial liability claim.
• Peace of Mind: Knowing you have these policies in place can provide peace of mind. You can focus on growing your business without constantly worrying about the potential financial hit from a lawsuit.

When you have the right kind of Business Insurance in place, it gives you the freedom and peace of mind to focus on your business growth instead of fretting about the future.

Why Choose Aegis Insurance & Financial Services?

Aegis Insurance & Financial Services has proudly partnered with thousands of businesses across Texas, so we understand the unique insurance needs of business owners.

When you choose Aegis, you gain a wealth of experience and industry insights from our Commercial Insurance agents. We take the time to explain our Business Insurance policies, analyze your current coverage, and provide clarity about all of your options.

We also understand that one size doesn't fit all. Aegis works closely with you to design a tailored insurance portfolio with policies that match your industry, risk level, and budget.

Excess Liability and Umbrella Insurance can be your business's superheroes when it comes to facing substantial liability claims. When you partner with Aegis Insurance & Financial Services, you're not just getting coverage – you're getting peace of mind and a reliable ally to navigate the world of business insurance.

Contact Aegis today at 713-850-7622 to speak with our experienced Commercial Insurance team, or fill out our online form to request a free quote!