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What Is Trucking Umbrella Insurance?


It's possible that your trucking company‟s liability insurance limits are inadequate or that there are coverage holes among your various policies. Purchasing additional liability protection via an umbrella policy is a low-cost option to fill these gaps. See what the insurance covers by reading the fine print. Certain plans may not cover key hazards to your business.


Is Umbrella Insurance Necessary?

To defend yourself against lawsuits with damages that might exceed the limits of your insurance, you'll need this additional protection.


When the coverage from your primary policies is expired, any payments that are still owed will be reimbursed by your umbrella insurance. When the cost of defending yourself in court might quickly surpass your insurance coverage, you need this.


Suppose a jury awards you damages that exceed the amount of insurance coverage you have. In that case, your assets may be liquidated to cover the difference unless you have purchased an umbrella policy.


What Is Covered by Umbrella Insurance?

When the liability limits of your current policy are reached, an umbrella policy can help protect your trucking company financially. Umbrella insurance kicks in if your primary and secondary policies don't have enough combined coverage to pay for a claim, like an accident settlement.


In addition, customers may have confidence that they are working with a secure transport company. On a specific instance basis, we are open to discussing the possibility of expanding our services to include your non-trucking business activities, such as a warehouse, rental property, repair facility, etc. If you have several policies with the same insurer, your umbrella insurance may simplify filing claims.


Features of Umbrella Insurance

Having this safeguard in place may prevent you from suffering financially catastrophic losses. If you already have commercial liability insurance, you are qualified for umbrella insurance coverage.


Once your primary policy limits have been reached, your umbrella insurance may kick in to protect your property from further financial loss. It also covers you if you accidentally cause damage to someone else's vehicle or property.


Conclusion

Many companies now get themselves umbrella insurance and liability protection. Its purpose is to safeguard you against lawsuits seeking excessive damages. The umbrella insurance policy safeguards the company's present assets and, consequently, its future success.


At Second Western Insurance Services, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (818) 952-5203. Get your free quote today by Clicking Here. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!


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