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    PBIB, Where Contractors Go To Get Insured!

    Excess insurance, also known as umbrella insurance or excess liability insurance, is a policy that essentially provides you extra coverage to protect you in case your damages exceed your main policy limits. It can be thought of as an add-on to extend the limits of your existing, general liability, auto insurance, workers’ compensation, and employee benefits liability policies. Excess insurance will behave as an extension of these policies and cover anything in the original coverage that costs more than the original policy.

    One of the main things you need to do, however, is to evaluate potential damages or the total cost of the projects you are handling. This will ensure that you actually need the umbrella insurance or not.

    As a small business, it is very important that you are covered by excess insurance, especially in the high-risk industry of construction. Sometimes, while working on government projects especially, excess insurance can be mandatory for you to get so that you can even begin working on the project.

    For example, if you are a company that handles multiple renovations at a larger scale, with many subcontractors and employees involved, you might need umbrella coverage more than another construction company that only constructs one or two houses at a time.

    It all really comes down to the costs of your projects. You can all now, and speak to our excess insurance experts on what your specific needs require, or you could fill out our form to get a free, no obligations quote, based on your requirements for your consideration.

    Is excess insurance for your business?

    The potential for something going wrong in a business as risky as construction is very high; so is the probability of a company that deals with multiple construction projects at a time, exceeding its existing insurance policy limits. 

    Excess insurance is for you if;

    • You have a lot of walk-in clients in your office
    • Your company installs or constructs on other people’s property
    • You and your company own or operate heavy machinery or vehicles

    To summaries, if you and your company deal with a high level of public exposure you might need an excess insurance policy to extend your safety net. You can call now and talk to our excess insurance experts for a detailed discussion and advice on an excess insurance policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    How does excess insurance work?

    Consider this: a client, visiting the construction site, slips on a spill, falls, and acquires a serious injury that results in loss of income for them. All of this is followed by a long and exorbitant legal battle, that you end up losing. By this time, so many bills have piled up and you need to pay; your lawyers, the compensation for the injured, and their medical bills.

    Since it is a hypothetical situation, let’s assume that the bills run over the $1,000,000 that your basic insurance covers. The rest of the amount will need to be paid out of your own pocket, affecting your business. If the costs are high enough, they could damage your business permanently. Having excess insurance will cover you for the amount that exceeds your underlying policies, potentially saving your business from permanent damage.

    You can call now and talk to our excess insurance experts for a detailed discussion and advice on an excess insurance policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    What is covered by excess liability?

    Excess insurance is essentially an extension of your existing insurance policies and therefore, covers everything your existing insurance policies cover, be it general liability, auto insurance, workers’ comp, builders’ risk, or any other policy. So basically, the coverage of excess insurance depends on the underlying policies you have.

    What does excess policy not cover?

    To put it in simple terms, excess insurance does not cover anything that is not covered by an underlying insurance policy. If you do not have a general liability policy, the excess insurance will not cover any third party damages done by you or your employees, during a project.

    There are certain types of policies the excess insurance will not cover regardless. For example, excess insurance will not cover any property insurance or professional liability insurance claims.

    You can call now and talk to our excess insurance experts for a detailed discussion and advice on an excess liability policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

    How much does it cost?

    As is the case with all other insurance policies, excess liability can have a variable cost depending on the details of your policy. The minimum coverage you can possibly buy starts from $1 million. The cost of excess insurance really depends upon a few factors, some of which ore listed below.

    • Policy limits and coverages
    • Underlying policies
    • Claims history 
    • Experience
    • Location
    • Size of the projects included in the policy
    • Quality of the materials
    • Extensions added
    • Subcontractor Cost 

    You can call now and talk to our excess liability experts for a detailed discussion and advice on an excess liability policy as per your individual needs, or you can fill out our form to get a no-obligation, free quote for considerations, based on your specific requirements.

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