Running a business comes with its fair share of risks, and while most businesses have General Liability Insurance, sometimes standard coverage just isn't enough. If your business has more risks than most, you can benefit from carrying Excess Liability Insurance.

Learn how Excess Liability coverage helps your business when your other policies have hit their limit, why higher risk industries need it, and how Aegis Insurance & Financial Services can help you get this essential coverage.

What is Excess Liability Insurance?

Excess Liability Insurance is like a safety net for your business, providing additional coverage above the limits of your primary liability policies, like General Liability or Commercial Auto. If your business faces a lawsuit or claim that exceeds your existing coverage, Excess Liability Insurance can prevent you from having to pay out of pocket.

Essentially, it ensures that if something big goes wrong, your company won't be vulnerable or facing severe financial hardship.

How is Excess Liability Different from General Liability?

While General Liability Insurance covers basic risks like third-party injuries, property damage, and personal or advertising injuries, it has coverage limits that might not be enough if a major incident occurs. For example, a severe accident or a large lawsuit could quickly exceed a General Liability policy's limit.

Excess Liability Insurance doesn't cover new types of risks but instead enables your business to cover larger incidents or accidents if the unexpected happens. It works as an added financial buffer if your business is in a higher-risk industry with bigger potential liabilities, like restaurants, retail, auto repair, construction, or landscaping.

Who Needs Excess Liability Insurance?

While any business can benefit from the extra coverage, some industries have a greater need for Excess Liability Insurance due to their higher risk profiles:

1. Hospitality and Events: For businesses that host events or gatherings, the risks increase, especially when alcohol is served. Bars, restaurants, hotels, and event venues are all susceptible to incidents involving patrons, and Excess Liability helps cover situations that go beyond standard policies.
2. Construction and Contracting: With heavy equipment, dangerous work sites, and multiple teams on the job, construction businesses face high liability risks. If an accident occurs on a job site, costs can skyrocket fast. Excess Liability provides crucial additional coverage for construction companies and contractors.
3. Manufacturing: Manufacturing often involves machinery, employees, and potentially hazardous materials, all of which can lead to costly claims if something goes wrong. Excess Liability Insurance gives manufacturers peace of mind, knowing they're covered if an accident exceeds their standard policy.
4. Retail and Warehouses: Companies with busy retail storefronts, warehouses of inventory, or lots of commercial vehicles are exposed to significant risks, from customer injuries, inventory accidents, and commercial car crashes. Even with Commercial Property and Commercial Auto coverage in place, Excess Liability offers extra security if a serious incident occurs.

If your industry faces a high risk of accidents, injuries, or more dangerous work environments, Excess Liability is a must-have type of Commercial Insurance policy to carry.

Why Business Owners Shouldn't Go Without It

When big risks are involved, it's easy for costs to escalate. A major lawsuit or claim can exhaust General Liability limits quickly, and without Excess Liability coverage, a business may have to pay the remainder out of pocket.

For example, if a large retail display shelf topples over and the accident results in multiple injuries, a single lawsuit could easily exceed standard coverage. With Excess Liability, your business is well protected from larger claims, and can avoid taking a major financial hit.

Protect Your Business with Aegis Insurance & Financial Services

At Aegis Insurance & Financial Services, we understand that every business has unique risks and coverage needs. Excess Liability Insurance is one of the best ways to protect your business's financial future, especially if you're in an industry where accidents or lawsuits can lead to significant expenses.

Our team can help you customize a policy that works for your industry to give you the extra coverage you need at competitive rates.

Ready to take your protection to the next level? Contact Aegis Insurance & Financial Services today at 713-850-7622 to learn more about Excess Liability Insurance and how we can help you keep your business covered.