Excess liability insurance is a type of insurance that provides coverage for claims that exceed the limits of your primary liability policies. It is often used by businesses and individuals who have a high risk of being sued, such as those who work in construction or healthcare.
Excess insurance works by providing an additional layer of protection beyond your primary liability policies. For example, if you have a general liability policy with a limit of $1 million and you are sued for $2 million, your excess liability insurance would cover the additional $1 million.
Excess insurance can be a valuable asset for businesses and individuals who want to protect themselves from the financial consequences of a lawsuit. It can help to ensure that you have the resources to cover a large claim, even if it exceeds the limits of your primary liability policies.
Here are some of the benefits of excess insurance:
- It can provide additional financial protection in the event of a lawsuit.
- It can help to protect your assets, such as your home or business.
- It can help to ensure that you have the resources to continue operating your business if you are sued.
- It can help to reduce your stress and anxiety about being sued.
If you are considering purchasing excess liability insurance, it is important to talk to an insurance agent to get quotes from different companies and to understand the different coverage options available. You should also make sure that you understand the terms and conditions of the policy so that you know what is covered and what is not.
Here are some of the factors that may affect the cost of excess liability insurance:
- The type of business or activity you are involved in.
- The size of your business.
- Your financial history.
- The amount of coverage you want.
If you are unsure whether or not excess insurance is right for you, it is a good idea to talk to an insurance agent at JDW Truckers Insurance. We can help you to assess your risk and to determine whether or not an excess liability policy is the best way to protect yourself from the financial consequences of a lawsuit.