If your liability insurance has maximums that look a little low to cover your potential damages, there is a solution. It does not involve having to find a new insurer for that coverage, either. Excess insurance can extend the policy limits to any level you desire with the right provider, allowing you to keep your primary liability policy with the insurer who has already built you a perfect fit for coverage in every other way. An excess insurance policy is a second policy that goes with the original and kicks in just when it’s needed.
Extend Practically Any Liability Coverage
Extended coverage is common in areas of liability where the potential real damages could be extreme or where punitive damages are common. For example, if an auto liability policy maxes out at $2 million but you operate a commercial vehicle in a state with aggressive traffic liability laws for professionals, then you might want an extended policy as a final level of protection. Similarly, journalists and other public figures frequently use extended coverage for areas of liability like invasion of privacy or defamation.
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Professional liability is just one area where you could take out an excess insurance policy. It’s also useful to homeowners and high net worth individuals, so you may want to consider an extension of your personal insurance policies alongside an excess policy for your business.