When you are deciding on the amount of excess liability coverage your business needs, you should consider the following:
- Underlying coverage: The limits of your primary coverage can impact how much excess coverage your business may need. If your primary policy limits are low, your business may require higher excess liability coverage to fill potential gaps of coverage.
- Industry of your business: The construction, manufacturing, or transportation industries often require higher limits because of the potential of large claims.
- Size of your business: Larger businesses often have more employees, assets, and face more complex risks.
- Specific contract requirements (if any): Agreements with clients, partners, or vendors may require higher coverage limits to meet compliance regulations or legal agreements.
Smaller businesses may not face the same level of risk, but it is still important to consult with a Venbrook Insurance advisor for a full business risk-assessment.