Liberty Mutual Insurance chief underwriting officer, Doug Manwaring, discusses the importance of umbrella coverage and why $5 million is the new $1 million when it comes to policy limits.
During the last thirty years, the coverage limits on typical primary commercial auto and general liability policies have remained at $1 million. However, as exposures, litigation, and business environments evolve, policy limits should as well. How would your business fare if an unforeseen incident resulted in an adverse judgment of more than $1 million in damages? For many businesses, having to cover the additional costs out of pocket would be financially devastating and put their operations in jeopardy. In fact, the U.S. Chamber of Commerce has estimated that small business owners in the U.S. pay more than $35 billion each year in out-of-pocket costs to resolve claims for which insurance wasn’t available.*
Umbrella insurance provides additional coverage over your existing auto and general liability policies and can help protect your business in the event of a large loss. Liberty Mutual Insurance chief underwriting officer, Doug Manwaring, discusses the importance of umbrella coverage and why $5 million is the new $1 million when it comes to policy limits.
*U.S. Chamber Institute for Legal Reform. “Tort Liability Costs for Small Business.”
Learn more about how our umbrella coverage can provide added protection over your existing policies.