Personal and commercial umbrella policies are both additional insurance policies that are used to pay off the extra expenses when the existing policy is insufficient to pay for the damage. The personal umbrella policy is used by individuals, and the commercial umbrella policy is used by businesses.
Personal Umbrella Policy
Most people have necessary insurance policies, such as homeowners or auto insurance. However, they are usually unaware of the personal umbrella insurance and hence do not opt for it. The premium for a personal umbrella policy is significantly lower than other types of insurance.
The advantage of having a personal umbrella policy is it comes with access to an expert legal team who will defend and negotiate the best settlement for you in the event of a lawsuit. While a personal umbrella policy typically accompanies a home or car insurance, you can also purchase a personal umbrella policy as an independent policy at a reasonable rate.
Commercial Umbrella Policy
Commercial auto, general commercial liability, and employment liability insurance are the most commonly opted policies for a business. However, for situations when the loss is higher than the liability limit of these policies, commercial umbrella insurance can help cover the remaining costs.
This type of insurance has a policy aggregate, a per-occurrence limit, and self-insured retention. This makes filing a claim easy and simple. For more significant claims, a commercial umbrella policy provides defense costs beyond the policy limits. Unlike a personal umbrella policy, the commercial umbrella has no single contract standardization. The ISO umbrella policy, A/B umbrella policy, and the follow form policy are all equally standard.
The basic idea of both personal and commercial umbrella policies is to provide you with an extra layer of coverage and ensure that you can survive the most difficult times. For assistance with all your insurance needs, contact the experts at ISU Wissink Insurance in Culver City, California, today.