Protect yourself against the unexpected with Commercial Umbrella Liability Coverage

Courtesy of Jewelers Mutual Insurance Co.

Most jewelry makers and designers understand the basic need for insurance to protect their assets from theft, natural disaster, or fire that could potentially destroy a business. But what happens if you’re hit with a catastrophic liability suit?

These types of claims could be debilitating for your business, even career ending, which is why Commercial Umbrella Liability Coverage can be a crucial component of your insurance protection.

Umbrella coverage is not a standalone policy; it works with your primary policy, offering additional protection. It is designed to protect you from extraordinary liability exposures that would exceed the coverage limits of the liability protection provided by your business-owners policy. In this way, it helps protect you against claims related to

• bodily injury
• property damage
• personal injury
• advertising injury
• your products and completed work
• other loss amounts that exceed your underlying coverage limits

Coverage for Businesses Large and Small

Not long ago, Commercial Umbrella coverage was a specialty product for businesses of larger size or higher hazard. Now companies of all sizes and industries recognize the need for extra protection against large-scale liabilities. Resetting liability policy limits can be as critical to ensuring you’re protected against the unknown, as reallocating invested assets is to reflect changing market conditions.

You likely already have liability coverage—auto, general liability, and employers’ liability. In the event of an accident, these give your company protection against bodily injury and property damage, or both—but only up to the policy limit. You are responsible for paying any amount beyond that limit for which you may be liable.

It’s easy not to think about your insurance coverage when you haven’t had a lawsuit, but you’ll be thankful you have it if you need it. Imagine if you faced a lawsuit and a jury awarded the plaintiff $1,600,000 in damages. A typical business-owners policy covers up to a $1 million limit, leaving you with the responsibility to cover the remaining balance. If you have an umbrella policy, though, you likely also have coverage to meet that additional $600,000.

The amount of umbrella insurance that’s right for your business depends on a variety of factors: Your type of business, number of employees, and amount of assets are important considerations. Because your needs will vary, seek out the advice of an experienced agent or broker who specializes in jewelry operations.*

Insurance Provides Peace of Mind

More than coverage and protection from loss, insurance provides peace of mind. As a member of the jewelry industry, you know your business faces unique risks that an average business may not, and an experienced agent can be an incredible source of information, advice, and personalized service. If an agent suggests a Commercial Umbrella Liability policy, it’s worth learning more.

* Coverage is subject to underwriting review and approval, and to policy terms and conditions. The descriptions above are a brief summary of coverage. The language is not part of any of the described insurance policies and is not a substitute for the actual policy language. Because of regulatory restrictions, not all coverages are available in all areas.

For more information about protecting your business, visit Jewelers Mutual’s website at JewelersMutual.com.

MJSA exclusively endorses Jewelers Mutual Insurance Company’s commercial and personal jewelry insurance products. To learn more about Jewelers Mutual’s coverages and to find an experienced insurance agent in your area, contact Jewelers Mutual at 1-800-558-6411.