Personal vs. Commercial Umbrella Insurance: Do You Need Both?

Costs arising from unexpected liability claims may go beyond the coverage limits of standard insurance policies. Cornerstone Insurance Group LLC can help individuals and business owners in Summerville, SC assess personal and commercial umbrella insurance coverage and find the right policy.

Understanding Personal Umbrella Insurance

A personal umbrella policy adds liability coverage above the limits of your existing personal insurance policies, such as auto or homeowners. High-cost claims stemming from auto accidents or other incidents may surpass the coverage provided by your primary insurance policies.

A personal umbrella policy may be worth considering for:

• Homeowners with features that may increase liability exposure, such as swimming pools or trampolines
• Owners of rental properties
• Families with newly licensed or teen drivers
• Individuals who possess significant assets

The Role of Commercial Umbrella Insurance

Commercial umbrella insurance works much like a personal umbrella policy, but for your business. It can extend the limits of your commercial general liability, employer’s liability, and commercial auto coverage. Legal fees and settlements from a serious incident, such as a customer injury on your premises or an accident involving a company vehicle, can quickly exceed what a standard policy may cover.

This type of coverage may be a good fit for many South Carolina business owners, including those who:

• Have high foot traffic at their physical locations.
• Operate a fleet of vehicles.
• Work on high-value contracts that require higher liability limits than those provided by primary policies

Do You Need Both?

The answer depends on how your personal and business assets are organized. Personal umbrella policies generally do not cover liability from business activities, and commercial policies do not extend to personal claims outside of your business operations.

For many business owners, having both types of umbrella insurance may help extend coverage across personal and business activities.

Get Started Today

Contact Cornerstone Insurance Group LLC to request a no-obligation quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.