The business insurance industry reached a remarkable $240 billion in the US in 2022. Insurance can save your business when it encounters an unexpected and financially damaging lawsuit from some aspect of your business operations. It can also help pay benefits to your workers when they get injured and repair damage to equipment and other business property.
As a business owner, you should know the importance of a good insurance policy. You may not know that an insurance policy exists that can enhance other insurance policies. This policy is called excess liability coverage. It is designed to help you respond to underlying liability limits when the policy is at risk of being exhausted and opening up to a financial loss. Keep reading to find answers to common questions and information about excess liability insurance.
Excess liability insurance is a policy that extends the underlying limit of an existing commercial insurance policy. A commercial excess liability insurance policy essentially acts as “insurance for your insurance.” It requires an existing policy when it will be endorsed or applied to.
Your commercial excess liability coverage will typically be sold in $1 million increments up to a limit set by your insurer. Commercial excess protection insurance can have limits of $25 million or more, depending on the insurer and policy.
Umbrella excess liability insurance is similar to excess liability insurance but differs by broadening the scope of your coverage. Commercial excess umbrella insurance also extends the limits of your policies, like excess liability insurance. However, it covers multiple policies at once.
For some insurers, your excess liability umbrella coverage limits can range from $1 million to $100 million. Your umbrella liability coverage limit will differ based on how much coverage you are willing to pay for and the financial security of an insurance company. Companies that are stronger financially will allow you to purchase higher limits since they have adequate backing to cover policies.
An excess liability policy is necessary for several reasons. Some of these include:
You have a client with a specific amount of insurance they require from people they do business with. An excess liability policy can help you reach a client's insurance coverage limit needs since it is added to an underlying policy
One of your existing policies has run out of coverage during the policy period. You can use excess liability insurance to ensure that your business stays protected
You are hit with an expensive lawsuit that would exceed your normal coverage limits for an existing policy. Excess liability insurance can be used to prevent financial loss
The excess liability amount that you need will vary based on your coverage limits and the incidents you are responding to. For example, if you have a $1 million general liability policy but are facing a lawsuit of $2 million, you would need to buy a $1 million excess liability policy to cover it.
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Excess general liability extends the coverage limits of your general liability policy. General liability policies protect you or your business from third-party property damage and bodily injury claims. Excess general liability insurance can cover you for $25 million or more and is typically sold in $1 million increments.
Excess auto liability insurance can boost the auto liability coverage on your commercial auto or personal auto insurance policy. Excess automobile liability is essential coverage for any business that uses its vehicles for business purposes. Lawsuits that result from road collisions can quickly add to thousands of dollars or more, depending on the circumstances of the incident. You can purchase excess auto liability coverage from $1 million to $10 million or more.
Your excess professional liability insurance will extend the limits of an existing professional liability insurance policy. A professional liability policy will cover mistakes and oversights in your business and the legal costs to defend yourself. This policy typically offers coverage between $250,000 and $2 million. With excess professional liability insurance, you can extend that limit by $500,000 or more.
Excess malpractice insurance is another name for excess professional liability insurance that applies to certain industries. Most commonly, malpractice insurance is applied to the medical industry as medical malpractice insurance. Insurers also apply this label to a lawyer's legal malpractice insurance. Excess malpractice insurance can be purchased for $2 million or more on a single policy, while a shared policy will have higher limits.
Excess public liability insurance fortifies your public liability insurance and allows you to avoid financial loss. Public liability insurance is like general liability insurance but is more narrow in scope. It focuses on claims from the general public about property damage and bodily injury resulting from your business. Excess public liability insurance can be purchased to increase your limit to $5 million or $10 million. Public liability insurance is not often offered by insurers today because it is typically part of general liability insurance.
Excess cyber insurance enhances the coverage you get from cyber-attacks and data breaches. It can help you cover legal expenses and other fees resulting from these attacks, like notifying customers. With excess cyber liability insurance, you can increase your policy limit by $750,000 or more, depending on the insurer.
Excess employers liability insurance protects you when employees sue you for their work-related illnesses or injuries. You may be forced to pay out of pocket without an excess policy if a lawsuit or court judgment exceeds the typical coverage limits. An employer's liability insurance policy typically will have a coverage limit of $100,000 per employee for bodily injuries and a $500,000 overall limit. With excess employers liability insurance, you can add between $1 and $10 million of coverage or more.
The excess liability coverage cost is $38 per month or $456 per year for a $1 million worth of coverage. Policies that affect premiums are claims history, business history, policy limits, deductibles, and more. Here’s a table showing the cost of a $1 million general liability insurance from the best companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $14 | $168 | Best overall; Fastest commercial property insurance |
| The Hartford | $22 | $264 | Comparing excess liability insurance quotes online |
| CoverWallet | $28 | $336 | Comparing excess liability insurance quotes online |
| Tivly | $30 | $360 | Comparing excess liability insurance quotes over the phone |
| Hiscox | $32 | $384 | Policy management ease and flexibility |
| Thimble | $35 | $420 | On-demand coverage |
| AIG | $40 | $480 | Customer experience for excess liability insurance |
| Chubb | $130 | $1,560 | High coverage limits for excess liability |
Click the “Get Quotes” button this page to compare the excess liability insurance quote of different companies. By doing so, you land on a policy that provides comprehensive coverage at a reasonable price.
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Consider working with these companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million excess liability policy.
Best overall
Issues an online proof of insurance instantly
Fastest excess liability insurance
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT doesn’t offer excess liability insurance as a stand-alone policy. However, the coverage might be added as an optional add-on to this company’s general liability insurance, professional liability insurance, commercial property insurance, and BOP. Consider working with NEXT because it offers online quotes, a streamlined insurance application process, and instant certificate of insurance.
Best for: Best overall; Fastest commercial property insurance
Average cost: $14 per month
Our rating: 10/10
Over 200 years of underwriting experience
Claim professionals have a minimum of 15 years of experience
Excellent rating from AM Best.
Doesn’t offer coverage in Hawaii
The Hartford is an established insurance provider with many policies you can enhance with an excess liability policy. This company offers excess insurance solutions that are flexible and offer up to $25 million in capacity. You fill out a 2-page policy form and are on your way to getting coverage when needed. The Hartford likes to target specific industries, which include retail, manufacturing, real estate, and hospitality.
Best for: Excess liability policy for specialized risks
Average cost: $22 per month
Our rating: 10/10
A platform that provides access to multiple insurers.
Lets you skip filling out a form and get a quote over the phone
Manage multiple policies thanks to their insurance dashboard
Doesn't provide coverage
CoverWallet offers competitive policies from over 10 top insurance carriers, which include Travelers, Chubb, Hiscox, Markel, and more. You can get excess coverage on policies like general liability, professional liability, and cyber insurance, among others. CoverWallet has an impressive A+ rating from the Better Business Bureau.
Best for: Comparing excess liability insurance quotes online
Average cost: $28 per month
Our rating: 10/10
Compare insurance quotes over the phone
Affordable and customizable insurance policies
Excellent online resources to answer questions you may have
Doesn’t write insurance policies
Tivly has an A rating from the Better Business Bureau. This rating speaks to its ability to please customers through its business operations. You can purchase excess liability insurance for general, professional, and employer liability policies. They utilize flexible targeting to help you narrow your insurance policy choices from 200 different insurance partners. With Tivly, you get matched with insurance policies and insurers perfect for your situation. Call now to compare quotes over the phone.
Best for: Comparing excess liability insurance quotes over the phone
Average cost: $30 per month
Our rating: 10/10
Experienced and dedicated insurance agents
Highly praised by independent review service Feefo
Get an extra discount for bundling multiple policies
Some policies to extend outside the US
Some policies restricted to small businesses
Hiscox offers superior policy management and purchase experience thanks to their dedicated team of knowledgeable insurance agents that can answer questions and set you on the path to success. This company is rated highly by AM Best with an A rating, and they have over 100 years of insurance industry expertise. They offer general liability, cyber insurance, and professional liability insurance that you may enhance with excess liability insurance.
Best for: Policy management ease and flexibility
Average cost: $32 per month
Our rating: 10/10
Offers excess liability insurance for small businesses and independent professionals
Excess liability insurance can be added to short-term policies
Quick to issue an estimate of your rates
You can’t reach customer service by calling
Thimble's excess liability insurance can be added to its short-term insurance policies that lasts for hours, days, or weeks. However, you must understand that Thimble doesn’t underwrite the excess liability coverage. This comes from partners. And depending on your business profile, the company may advise you contact its partners.
Best for: On-demand coverage
Average cost: $35 per month
Our rating: 10/10
Offers broad policies
Operates in 54 countries and territories
Coverage ranges from $1 million to $100 million
Cannot get quotes online
Chubb's excess liability insurance stands out from the competition with high liability limits, worldwide coverage, and business defense perks. With their protection in the courtroom, they can help you provide legal counsel and coverage for all expenses. Chubb has several policies you can enhance, like employment practices liability, general liability, and cyber insurance. Chubb has nearly $200 billion in assets and has an A++ from AM Best.
Best for: High coverage limits for excess liability
Average cost: $130 per month
Our rating: 10/10
Claims handling from one point of contact
Responds within 24 hours
Lets you choose from a roster of top law firms
Has employment practices liability
Doesn’t have a local agent network
AIG excess liability insurance offers coverage ranging between $1 million and $10 million, which helps you shield your insurance policies with additional coverage for many incidents, including auto accidents, watercraft liability, and legal issues. The company offers an excellent customer experience where they promise to respond to questions you may have about your policy within 24 hours. They also have connections to world-class experts in every field covered, with an average of 15 years of claims experience.
Best for: Customer experience for excess liability insurance
Average cost: $40 per month
Our rating: 10/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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