Posted by William Bronchick on April 08, 2002 at 21:38:51:
Most people misunderstand what an umbrella policy is for. An umbrella covers that portion ABOVE the limits of existing policies. It does not cover business liability itself. You would need a general liability policy for your business corporation. The umbrella would cover that amt of liability over and above the policy limits of your general liability policy, automobile policy and homeowner’s policy.
Liability Umbrella question?? - Posted by Lyal
Posted by Lyal on April 08, 2002 at 08:07:07:
Been doing business as an S Corp for over 4 years. A little rehab work, couple lease / options but mostly mobile homes. I’ve had a nagging post-it note in my office to check into a liability umbrella policy and finally acted on it. Sat down with my insurance guy (State Farm) and discussed the situation. His response was that he could write me a personal unbrella with no problem but State Farm would not write anything to cover the business because it’s mobile homes. Question is, where is my exposure here? Should I be worried about covering the business or just me personally. If I need something for the business, can someone give me a pointer where to find it at reasonable cost?
Thanks, Lyal