First Commonwealth Bank and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
What is an Umbrella Policy?
An umbrella liability policy is extra liability coverage that you can purchase above and beyond your standard liability insurance. If a liability claim exceeds the limits of your general liability coverage, this policy will start paying to help cover damages and legal costs. Usually, you would purchase an umbrella policy if you work in a business with high risk for lawsuits. If someone sues you and wins the lawsuit, the umbrella policy will help protect your company profits and personal income from large legal settlements.