Welcome to LMBF Assurances
Unfortunately, the very nature of legal proceedings is that they are becoming more and more expensive. For many businesses, this can be a disaster. In the absence of adequate coverage, a business should pay the bill alone for all litigation costs arising from liability claims such as property damage, personal injury, or personal damage. While your general liability insurance is designed to cover the costs of legal proceedings arising from such claims, you may very well face a lawsuit that is larger than your limits allow. That's when umbrella insurance comes in. LMBF can help your business determine the right amount of coverage for your business to ensure you have the additional coverage you need.
Take the following example: your business is facing a lawsuit alleging damages resulting from its activities. Your business is covered by RCE insurance, but the lawsuit goes beyond the limits of your existing policy. Without additional liability, you risk going bankrupt for good. Umbrella insurance is purchased to extend the existing coverage of your policy and comes into effect if the lawsuit you are facing exceeds the limits of your usual coverage.
If your business is accused of personal injury, property, or personal injury and the costs of settling the lawsuit exceed what your RCE insurance can cover, your umbrella insurance may step in to cover the excess settlement costs.
If your business is held liable for personal injury suffered by a customer or a third party, excess costs not covered by your liability insurance may be covered by your umbrella insurance.
If your business activities cause property damage to a customer or third party, excess costs not covered by your liability insurance may be covered by your umbrella insurance.
