What Is the Difference Between Umbrella and Excess Insurance?

Umbrella insurance

Businesses need a variety of liability insurance policies to cover their exposures. There are sometimes when you exceed the policy limit when a claim is settled. Understanding the differences between umbrella vs. excess liability policies can help you determine which is best for your business.

Key Difference

The experts at Byrnes Agency Insurance state that umbrella policies often offer additional coverages while excess liability provides higher limits yet follows the limits of the liability policy. Excess liability may have more limitations than the underlying liability policy. Umbrella insurance, on the other hand, can help fill in policy gaps.

Assess Risks

To choose the right policies to add to your insurance coverage, you need to assess your business risks. Where does the business have the most claims? Analyzing the risks can help you see where there are gaps in coverage.

Policy Choice

For a company with companies throughout the world, an umbrella policy may offer broader coverage for those increased liabilities. Some companies may need additional liability coverage only in specific areas for specific items. These companies can benefit from an excess policy with additional limitations. Choose the one that best addresses the business’ risks.

These differences between umbrella vs. excess insurance can make a difference for your business claims. The business may need one or both policies for full coverage.

Insurance Coverage for Los Angeles, CA

insurance agency los angeles ca

Insurance Coverage for Los Angeles, CA

You can now protect both your personal life and your professional life all with one insurance provider for the utmost in convenience and protection. If you’re looking for an insurance agency in Los Angeles, CA that provides services for individuals and businesses, then you’ve come to the right place.

Professional and Personal Coverage

Unexpected disasters can be life changing, especially if you are not prepared. The right kind of insurance can keep your personal effects safe from harm thanks to an insurance policy that is designed to meet your lifestyle. Personal insurance coverage can include the following:

Homeowner’s insurance
Auto insurance
Life insurance
Recreational vehicle insurance
Watercraft insurance
Umbrella insurance

However, your insurance policy doesn’t have to stop at your personal life. You can keep your business covered, too, by selecting from the following coverage options:

General liability
Professional liability
Cyber liability
Workers’ compensation
Commercial auto, watercraft and aviation liability
Commercial property insurance
Employee benefits

Keeping You Safe At Home and Work

Making sure your personal life and business are covered is easier than ever with an insurance agency in Los Angeles, CA that provides services for both. An agent can discuss your needs and assess the risks you face at work and at home, so you can build a policy that protects both areas of your life.