Commercial umbrella insurance provides an extra layer of liability protection above certain underlying business insurance policies. If a covered claim exceeds the limits on your general liability, commercial auto, employer’s liability or other eligible liability policy, a commercial umbrella policy can help pay for additional covered legal costs, settlements or judgments.
This coverage is designed for Colorado businesses that want higher liability limits or need additional protection to satisfy contracts, leases, vendor agreements or client requirements. It is commonly purchased by contractors, restaurants, retail stores, property owners, manufacturers, trucking and delivery businesses, professional service firms, medical offices, auto-related businesses, event companies and many other businesses with customer, vehicle, employee or property-related liability exposure.
How Much Does Commercial Umbrella Insurance Cost in Colorado?
Commercial umbrella insurance is usually priced based on the type of business, underlying coverage, revenue, payroll, vehicles, claims history and total umbrella limit selected. Many small Colorado businesses may pay around $500 to $2,000 per year for a $1 million commercial umbrella policy. Businesses with higher-risk operations, commercial auto exposure, subcontractor use, larger premises, higher revenue or multi-million-dollar umbrella limits may pay several thousand dollars more.
The final cost depends on your industry, business operations, annual revenue, payroll, number of employees, commercial vehicles, underlying liability limits, prior claims, contract requirements and desired umbrella limit. Pricing can also change based on whether the umbrella sits over general liability only, commercial auto, employer’s liability, liquor liability, hired and non-owned auto or other eligible liability policies.
Which Carriers Offer Commercial Umbrella Insurance Coverage?
Castle Rock Insurance and its partners work with a broad network of commercial insurance carriers that offer commercial umbrella insurance for Colorado businesses. Depending on your business type, underlying policies and underwriting eligibility, coverage may be available through carriers and programs such as Travelers, Chubb, CNA, Berkshire Hathaway GUARD, biBERK, Markel, Great American, Philadelphia Insurance Companies, USLI, Progressive, Farmers, Attune, Coterie, NEXT Insurance, Kinsale, Nautilus, Westchester and other admitted and specialty commercial insurance markets.
Because every business has different liability exposure, there is no single carrier that is best for every situation. Castle Rock Insurance and its partners compare multiple insurance companies to help Colorado businesses find competitive pricing and the right combination of commercial umbrella, general liability, commercial auto, workers’ compensation, professional liability, liquor liability, product liability and property coverage based on their operations, contracts and coverage needs.
Get a Commercial Umbrella Insurance Quote Today
Large liability claims can create serious financial pressure for a business, especially when the claim exceeds the limits of an underlying policy. Castle Rock Insurance and its partners make it easy to compare commercial umbrella insurance options from multiple commercial insurance carriers. Contact us today for a personalized quote and let us help you find the right protection for your Colorado business.
