Much like an actual umbrella shields you from a downpour, commercial umbrella insurance provides an extra layer of protection when the unexpected happens. It steps in when your existing policies reach their limits, ensuring your business stays covered when it matters most.
Commercial Umbrella Insurance
Who we provide cover for
We source commercial umbrella insurance for medical practices, healthcare providers, and physicians. Whether you’re seeking protection beyond your standard liability coverage or need to guard against larger liability claims related to your medical practice, we can help ensure you have the extra security your practice needs.
What commercial umbrella insurance covers
Commercial umbrella insurance typically extends over general liability insurance, the employer’s liability section of your workers’ compensation policy, and commercial auto insurance, including hired and non-owned auto (HNOA) coverage. It provides additional liability coverage by increasing the liability limits, stepping in when a liability claim exceeds the limits of your underlying policies. Whether it’s for bodily injury, medical expenses, coverage for spoilage, or other unforeseen events or accidents, an umbrella policy ensures your practice is protected when standard coverage falls short.
For practices requiring more specialized coverage, we can also help with surplus lines coverage (E&S) to address unique or high-risk needs, complementing existing policies like the Physician Office Package Policy or the Business Owners Package Policy.
How much does commercial umbrella insurance cost?
Commercial umbrella insurance is one of the least expensive insurances you will ever purchase, with the greatest potential to protect you in a catastrophic situation.
Premiums vary based on several factors, including but not limited to: the size and type of your business, the industry you operate in, your existing liability insurance and coverage limits, as well as the level of risk associated with your operations.
We’re committed to putting your needs first and helping you manage costs proactively.
“My sense is that Physicians Insurance created a specialized product for us.”
Jeff Greenberg, MD, MBA, Firefly Health
Request a free, no-obligation quote today
Is it time to examine your current policy? Remember, what you don’t know can hurt you.
The simplest way to mitigate risk is through thorough preparation. At Physicians Insurance, we are best placed to help enhance your preparedness.
With our extensive experience and deep industry knowledge, we are confident in our ability to tailor a competitively priced insurance program that addresses your unique needs.
Simply complete the form to request a free, no-obligation commercial umbrella insurance quote, and we will contact you to discuss your options.
FAQs
Is commercial umbrella insurance tax deductible?
Yes, commercial umbrella insurance premiums are generally tax-deductible as a business expense, as long as the coverage is directly related to your business operations.
When should I consider commercial umbrella insurance?
You should consider commercial umbrella insurance if your medical practice or healthcare facility faces significant liability risks, such as potential bodily injury or medical expenses claims that may exceed the limits of your existing coverage. If you rely on hired and non-owned auto coverage or handle sensitive patient care, umbrella insurance provides crucial additional protection beyond your standard policies.
What is the difference between umbrella insurance and general liability insurance?
General liability insurance offers core protection for claims related to bodily injury or property damage, which is essential for medical practices. However, umbrella insurance provides excess liability insurance, stepping in when claims exceed the limits of your general liability or other existing policies.
RELATED INFORMATION
When your practice is your business.
Protecting and keeping your business operating smoothly is critical to your success. We can guide you on a range of options to manage risk in the face of unexpected circumstances that may arise frequently in the healthcare industry.
Teamwork makes the dream work.
When a team member is injured, the whole operation is impacted. Make sure your practice has the proper coverage to support your team members if they are injured on the job. Workers’ Compensation Insurance regulations vary by state but are generally a consideration in your insurance program.
Ensure your company car is properly insured.
Does your practice own or lease vehicles? Do your employees use personal vehicles for work purposes, even occasionally? Does a partner rent a vehicle while at a work conference? Automobiles associated with a business in any of those ways require special coverages.
Cyber threats are growing. Yet most practices don’t have enough coverage to even minimize recovery costs.
The most common source of a data breach used to be accidental: a stolen or lost laptop, cell phone, desktop computer or thumb drive. Today, the most common loss is to hackers.
These risks may not involve patient care, but the future of your practice is exposed if allegations are made.
It is critical that your people and their individual roles are adequately insured to protect your business when allegations occur. Management liability insurances may cover a wide range of exposures that you may not have considered.
Healthcare. Industry expertise that goes far beyond the exam room.
A physician practice is only one aspect of the global healthcare industry. Physicians Insurance can guide you to the coverage you need to keep moving technology, research and solutions forward.