Concerned about reaching your coverage limit? Excess liability insurance can help cover additional costs.
More Coverage Means More Protection
Insurance is all about peace of mind, and excess liability coverage enhances this reassurance. It works alongside your main insurance policy, typically covering costs you’d have to pay to others rather than your own expenses.
How Does Your Excess Liability Policy Work?
An excess liability policy activates only after your main policy has paid out in full and reached its coverage limit. Once this happens, the excess policy kicks in to cover any remaining costs. Because an excess liability policy is less likely to pay out compared to a standard policy, the premium costs are usually lower.
- Why should you have excess liability coverage?
Regardless of the type of insurance you hold, there are always policy limits in place. Excess liability insurance can help you avoid unexpected costs when your liability limits are reached.
Understanding the Difference Between Excess Liability and Umbrella Insurance
The terms “excess liability” and “umbrella insurance” are often used interchangeably, but there are nuances between the two. Some insurers distinguish umbrella insurance as covering risks and situations not included in a standard policy, while excess liability primarily increases the payout limit. Because these distinctions in terminology can vary, it’s important to carefully review what each of your policies covers.
Interested in learning more about how excess liability insurance can provide added reassurance? Contact us to discuss your coverage needs and explore your options.