Excess Liability and Umbrella Insurance for Charlotte
Excess liability Charlotte is a type of policy that will cover your business in the event of a lawsuit. It is designed to cover the costs of a lawsuit that is more than the limits of your underlying liability policies. For example, if your commercial auto insurance policy limit is two million dollars and you cause an auto accident that costs three million, you will need to purchase three separate Excess liability Charlotte policies. Each Excess liability Charlotte policy will cover a different part of the damages.
Excess Liability Charlotte
The Public Officers and Employees Liability Insurance Commission (POELIC) regulates the excess liability Charlotte policy. It helps protect businesses against lawsuits brought against them by third parties. The minimum policy limit is 30/60/25, but many insurance companies offer coverage that extends beyond the limits. In some cases, these additional policies cost only a few dollars a month. Excess liability Charlotte and umbrella insurance Charlotte policies offer a million-dollar liability limit or additional liability coverage.
Unlike a standard liability policy, an excess liability policy only pays out after your primary policy pays out. This means that if you cause an accident and your main insurance policy doesn’t cover the cost of repairs, your Excess liability Charlotte policy will cover the rest. The main benefit of an excess liability policy is that it’s less likely to pay out than a standard policy, which means you’ll end up paying less for your premium.
Umbrella Insurance Charlotte
It’s crucial for business owners to have adequate insurance coverage, and not only for personal reasons. Otherwise, major lawsuits can seriously damage a business’s finances and operations. Umbrella Insurance Charlotte, offered by Pascal Burke, can help protect business assets in the event of a lawsuit. A policy limits its coverage to two million dollars per occurrence and covers anything above that limit. The following are some of the benefits of umbrella insurance Charlotte for businesses.
If your existing general liability policy is inadequate, you may find that you can’t afford to cover all of the costs. An umbrella insurance Charlotte kicks in only when other policies have reached their limits. Therefore, if you’re not protected enough, you could end up having to pay medical expenses out of your own pocket. If you’re interested in purchasing umbrella insurance Charlotte, call Pascal Burke to get a free quote.
