the worst case scenario is not being prepared for the worst case scenario
Trucking Commercial Umbrella & Excess Liability Insurance
If you own a trucking company, you’re likely quite familiar with the standard types of insurance your business needs. Policies like Trucking General Liability Insurance and Commercial Trucker Insurance, among others, can provide the coverage to protect your company in many everyday situations. Every policy, of course, has its limits. When an accident happens that incurs costs beyond what your insurance covers, a Trucker’s Umbrella or Excess Liability Insurance policy can help make sure your business isn’t left to pick up the slack.
What is Commercial Umbrella Insurance?
Trucker’s Umbrella insurance is essentially like a backstop for the other policies your fleet holds, protecting it from lawsuits and other claims that go beyond their coverage limits. Say, for example, one of your drivers runs over a client’s foot while backing into a dock, resulting in an injury requiring long term care. If your general liability policy covers $1 million and the customer sues for $1.5 million for the cost of that care, your business could be required to pay the $500,000 over the limit out of pocket. With a Trucker’s Commercial Umbrella policy, your business could be covered or reimbursed for that remaining $500,000.
What’s the Difference Between Umbrella Insurance and Excess Liability Insurance?
The terms ‘Umbrella Insurance’ and ‘Excess Liability’ insurance are often used interchangeably, even within the industry. While they’re indeed very similar, there are a couple of key differences between Umbrella and Excess Liability policies:
- Excess Liability policies apply to a specific existing policy, while Umbrella policies can extend a range of existing policies your business might have.
- Umbrella policies can cover claims beyond the existing policies they’re based on, while Excess Liability policies do not.
Our agents can help you determine which type of coverage makes the most sense for your business’ needs.
Do I Need Trucker’s Umbrella Insurance?
If you think about the sheer number of truck lawyers out there ready to litigate accidents, you can expect they’re there for a reason: nearly 10% of trucking companies have had a multi-million dollar judgement awarded against them. Even if your fleet’s the safest on the road, a Trucker’s Umbrella policy is still very much worth considering in light of how easily lawsuits from trucking accidents can exceed policy limits.
What does Trucker’s Umbrella Insurance cost?
As with any type of insurance, the cost of a Trucker’s Commercial Umbrella policy can vary a bit depending on the nature of your business, your existing coverage limits, and the number of trucks and drivers you have. It also varies depending on how much coverage you’re adding, with each $1 million in coverage adding to the cost.
Ready to get a quote? Talk to our agents today to get started with an Umbrella policy that fits your business’ particular needs.