There’s no guaranteed way to completely protect your business against lawsuits. But you can manage the impact of lawsuits by adding extra liability coverage to your insurance package. Extra liability coverage—known as a Business Catastrophe Liability policy(ERIE), or a Commercial Umbrella policy—provides liability protection over and above the limits provided by underlying policies for certain losses.
Protecting your assets begins, though, with a solid business owner’s policy, such as a Property/Liability Policy, General Liability, Garage, and Commercial Auto policy. The Umbrella policy then provides the necessary cushion to secure your business’ financial future. The Umbrella policy limit starts at $1 million and include coverage such as:
- Personal and Advertising Injury Liability
- Bodily Injury and Property Damage Liability
- Products and Completed Operations Liability
- Blanket Contractual Liability
- Broad Form Property Damage Liability
- Host Liquor Liability
- Owners’ and Contractors’ Protective Liability
A Umbrella Policy doesn’t replace your present automobile, general liability, garage liability or employer’s liability coverage, but adds an additional layer of coverage above the primary policy’s liability protection. (Certain exclusions and conditions may apply.)
In addition, ERIE Insurance’s Umbrella policy provides automatic replacement of the primary policies’ limit should it become exhausted or reduced. And the Umbrella policy protection extends anywhere in the world (with the exception of any country or jurisdiction which is subject to trade or other economic sanction or embargo by the United States of America.) This is not a standard feature of all Umbrella policies so please make sure your Umbrella policy is properly covering your business. Not all umbrella policies are alike.
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The above information is only intended to provide a general description of business coverage offered by Erie Insurance. The policy contains the specific details of the coverages, conditions and exclusions.
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