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In all walks of life, you need some safety net. In business, excess insurance is a secondary form of coverage for times when your policy’s claims expense exceeds its limits. The staff of McCormick Insurance Inc. of Pembroke Pines, FL, can assist in determining the level of excess insurance needed for your business.
Understanding Excess Insurance
Excess insurance is added coverage to an existing business or commercial insurance policy for unexpected events that could cause catastrophic results to your business’s future, regardless of size. It protects if your company vehicle is involved in an accident or from product recall claims. The amount of coverage is based on the daily risks and challenges your business faces. It provides the needed financial strength and stability to succeed in your industry.
Who Needs Excess Insurance?
Excess insurance coverage is valuable for high-risk businesses such as construction or manufacturing companies. Both industries need additional protection from the possibility of their workers handling hazardous materials. Excess insurance protects a company’s financial standing if it reaches the limit of business or commercial liability coverage. It becomes valuable if the number of worker’s compensation claims exceeds the policy terms.
Types of Excess Insurance Coverage
Excess insurance comes in various forms, as the coverage is designed to protect every aspect of your business. It would be best to have a robust insurance policy, but most business owners want to include umbrella coverage in their existing agreement. It is the type of coverage that allows the policy terms to be used interchangeably without delay. Another popular type of excess insurance is property coverage. It protects a business from liability risks associated with manufactured materials used in the warehouse or your workplace.
As a business owner, excess insurance coverage is a must-have. The staff at McCormick Insurance Inc. of Pembroke Pines, FL can create a coverage plan that meets your insurance needs. Let us protect your business assets by scheduling an appointment today.