LMBF Provides Umbrella Insurance in Canada for Extra Coverage
Unfortunately, the very real nature of lawsuits is that they’re increasing in cost. For many businesses, this can spell disaster. Without adequate coverage, a business would have to foot the bill alone for any lawsuit expenses arising out of liability claims such as property damage, bodily injury, or prsonal damage. While your CGL is designed to cover lawsuit expenses from claims such as these, you may very well encounter a lawsuit larger than your limits have the capacity to handle. Enter umbrella insurance. LMBF can help your business determine an adequate amount of coverage for your business to ensure you have that extra layer of protection you need.
What Umbrella Liability Insurance Covers
Excess Bodily Injury
If your business is held responsible for bodily injury to a customer or a third-party, the excess costs not covered by your liability insurance may be covered by your umbrella liability insurance.
Excess Property Damage
If your business operations result in property damage to a client or third-party, the excess costs not covered by your liability insurance may be covered by your umbrella liability insurance.
Settlement Fees
If your business is accused of bodily injury, property damage, or personal injury and the lawsuit settlement fee extends beyond what your CGL insurance can cover, your umbrella insurance policy may kick in to cover the remaining settlement costs.
- Bodily injury
- Property damage
- Lawsuit expenses
- Personal injury
- Defense costs
- Physical damages ad losses
- Criminnal actions
- Intentional actions
- Existing policy exclusions
- Claims beyond limits
What is umbrella liability insurance?
Consider: your business is faced with a lawsuit alleging damages arising due to its operations. Your business has CGL coverage, but the lawsuit extends beyond your existing policy’s limits. Without extra liability, you could risk going down for good. Umbrella liability insurance is purchased to extend your policy’s existing coverage and kicks in if a lawsuit you face ends up going beyond what your coverage would ordinarily insure you for.
Umbrella Liability Insurance for the Following Business Sectors
Construction
- HVAC construction
- Commercial construction
- Residential construction
- Demolition
- Electrical installers
- Highway construction
Manufacturing
- Metal manufacturers
- Autobody part manufacturers
- Chemical manufacturers
- Food manufacturers
Transportation
- Airlines
- Freight road transportation
- Courier companies
- Railways
- Trucking companies
Retail Industry
- Liquor retail
- Grocery retailing
- Furniture retailing
- Garden supplies retailing
- Auto parts retailers
Wholesale distribution
- Agricultural machinery wholesale
- Audio and video equipment retailers
- Bakery product wholesale merchants
Professional Services Industry
Our Umbrella Insurance Partners in Canada
Umbrella liability insurance is a beneficial purchase for any business that is concerned about the extent of its existing CGL insurance or faces an especially high risk of a liability claim. As good as you are, you never know what might happen. LMBF has partnered with some of Canada’s top umbrella insurance providers to secure any potential gaps in your coverage, extend your liability limits, and ensure your peace of mind.
