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Umbrella Business Insurance is also known as Excess Liability Insurance. Umbrella Liability provides additional coverage when the limits of insurance on an underlying policy are exceeded. The average premium for each $1,000,000 of incremental coverage is approximately $250-350/year.

For instance, if you have $1,000,000 coverage under General Liability and you have a claim settlement for $1,600,000, the umbrella policy would pick up the additional amount. Umbrella Liability policies add coverage to General Liability, Hired and Non-owned Auto Liability, and Employer's Liability for a single premium. It is important to note that Umbrella coverage does not apply to the Professional Liability policy.

The issue with umbrella insurance is that there is no standard, so the policy terms and premiums vary from company to company. Insurers can come up with their own figures for premium quotes. However, the price of umbrella insurance is getting lower, and many insurance companies will offer excellent deals.

The phrase "shop around" applies to umbrella insurance: don't be sold on the very first one and read the fine print on. Before making your decision, compare the umbrella premium with the cost of simply raising the liability limits in your existing policies.

For professional liability, commercial auto, worker's compensation or group health insurance you'll need separate insurance policies.

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