If you are shopping for insurance policies, the types of coverages that you require depend heavily on what you need it for. No matter the type of insurance coverage that you have, you should always consider excess liability insurance. Excess liabilty insurance can be extremely beneficial. Here is what you need to know about excess liability.
What Is Excess Liability Insurance?
Excess liability insurance can be used for businesses, homeowners and more. Essentially, excess liability insurance boosts your underlying policy limits. For instance, if you have general liability insurance but someone is injured and those injuries exhaust your policy limit, your excess liability will cover it too. Excess liability affects coverages that you already have.
Do You Need Excess Liability Insurance?
There are specific risk factors that make excess liability insurance important. Some risk factors include:
- Owning a swimming pool
- Having a dog
- Driving a vehicle regularly
If you consider your exposure to liability risks to be high, then you need to consider excess liability coverage. To find out if you need excess liability, you can always ask your insurance agent for advice.
All insurance policies have a limit. Sometimes, your injuries or damages can extend beyond the typical insurance policy. Excess liability insurance solves the problem.
If your business relies on one or a few key people whose death or departure would greatly affect your ability to continue operations as usual, you probably need key staff coverage, even if you don’t know it. This form of life insurance is typically taken out for company founders, top tier decision-making executives, and other professionals whose day to day guidance steers the entire organization. While it’s easy to see how large companies could require these policies, they’re actually vital for small companies, especially those that are still founder-run.
Protect Your Business Finances From Disruption
The main goal of key staff insurance is to provide a financial buffer during the turbulence that comes in the wake of the loss of a vital member of your strategic team. When these professionals depart under normal circumstances, you have the chance to plan for it and to work with a transition team to bring in new talent that can fill the role. This isn’t so when someone unexpectedly passes away, and the sudden vacuum can devastate the daily processes that keep companies moving. Often, insurance is not only taken out for company leadership, but also for specialized positions where replacement staff could be difficult to find. For an evaluation of your company’s needs and likely key roles, talk to key staff insurance professionals today.