Call Us 580-772-7101 ☰ ˟
580-772-7101
Logo
  • Home
  • Real Estate
  • Personal Insurance
    • Insurance Policy Service Form
    • Auto Insurance
    • Homeowners
    • Life & Health Insurance
    • Livestock & Horse Insurance
    • Renters Insurance
    • Mobile Home Insurance
    • Watercraft & Boat
    • Motorcycle
    • Recreational Vehicle
    • Umbrella
  • Business Insurance
    • Insurance Policy Service Form
    • Business Auto Insurance
    • General Liability Insurance
    • Business Owners Insurance
    • Workers Compensation
    • Builders' Risk Insurance
    • Commercial Umbrella Insurance
    • Life & Health Insurance
  • Get A Quote
    • Quote Form
    • Service Form
  • Payments
    • Insurance Payments
    • Renter Portal-Payments and Service
  • Resources
    • Leave Us A Review
    • Insurance FAQs
    • File a Claim
    • Secure Area
    • Refer A Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Us
    • Location(s)
    • Employee Directory
    • Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join our Newsletter
Home > Commercial Umbrella Insurance | Magill Insurance and Real Estate

Commercial Umbrella Insurance


Commercial Umbrella Insurance Information

Commercial Umbrella Insurance in Oklahoma

Serving Weatherford, Hydro, Clinton, Hinton, and surrounding areas. 


What is Commercial Umbrella Insurance?

Commercial Umbrella Insurance, just like Personal Umbrella Insurance, is designed to extend the liability coverage limits beyond the limits of your other insurance policies, also known as the underlying policies. It can provide $1 million or more in additional liability limits. Just one commercial umbrella policy is needed to increase the limits of each of the other policies, for example, general liability, commercial auto liability, and employer liability (which covers the legal expenses of employee injuries).

 

Why do I need Commercial Umbrella Insurance?

Insurance policies have limits to help keep premiums at an affordable rate. These limits also help insurance companies to be able to meet their financial responsibility when a client has a claim and needs payment. Sometimes a claim can reach beyond the limits in the policy and additional costs must be paid out of pocket by the insured or go unrecovered. This is when an umbrella insurance policy would come into play and provide the extra coverage that the underlying policy can not. Having an umbrella policy gives you an additional $1 million or more to put towards claims that exceed the limits of your other policies.

One example of this might be if you have $1 million in liability coverage on the general liability portion of your Business Owners Policy. If someone were to hold you responsible for a $1.5 million claim, the commercial umbrella policy would help to pay for the additional $500,000 of the claim. This helps prevent the entire additional $500,000 from having to be paid out of pocket by the insured.

Commercial Umbrella Insurance can also provide coverage for situations that might be excluded from other policies such as being accused of slander or libel. As mentioned above, they can also be purchased for personal purposes. For more information on Personal Umbrella Insurance Policies, click here to visit our webpage about them!

Having a Commercial Umbrella Insurance Policy is a cost-friendly way to protect your business from high-costing claims in the future. Even if you think that your current policy limits are high enough, an umbrella policy is always a cost-effective way to ensure you have extra protection.

Do you have questions or are you ready for a commercial umbrella quote? Give us a call at 580-772-7101 or click here to fill out our online quote request form!




Updated October 2021

Logo
Quick Links
Home Our Products Customer Service Online Payment Report a Claim
About Us Refer A Friend Our Carriers Contact Us
Location
322 E Main PO Box 549
Weatherford, OK 73096

Phone Number: (580) 772-7101
FaxNumber: (580) 772-7439
Social
© Copyright. All rights reserved.
Powered by Insurance Website Builder

Magill Insurance Agency has the ability to provide Personal and Commercial Insurance including Homeowners, Auto, Livestock Mortality, Business Owners, Worker’s Compensation and more in all of Oklahoma as well as, Arkansas, Arizona, California, Colorado, Iowa, Idaho, Kansas, Missouri, North Carolina, North Dakota, Nebraska, New Mexico, South Dakota, and Texas.