Small Business Insurance, Home Insurance

As the name implies, an umbrella liability policy provides coverage over and above your other liability coverages. It is designed to protect against unusually high losses, when the policy limits of one of the underlying policies have been used up. For the typical business, the umbrella policy would provide protection over and above general liability and auto liability policies.

If you have Employment Practices Liability Insurance, Directors and Officers Liability or other types of liability insurance, the umbrella could provide protection over and above those policy limits as well.

Specialized Liability Insurance Policies

Some businesses need specialized liability policies. They include:
Errors and Omissions Insurance (E&O)/Professional Liability Insurance
Employment Practices Liability Insurance (EPLI)
Directors and Officers Liability Insurance (D&O)
Business Identity Theft Insurance

Errors and Omissions Insurance/Professional Liability Insurance
If your business involves services such as giving advice, making recommendations, designing products, providing physical care or representing the needs of others, you could be sued by customers, clients or patients claiming your failure to perform your job properly had harmed them in some way. Errors and Omissions or Professional Liability Insurance covers these situations. The policy will pay any judgment for which the insured is legally liable, up to the policy limit. It also provides for legal defense costs, which can be substantial, even where there has been no wrongdoing.

Employment Practices Liability Insurance
Employment Practices Liability Insurance pays, up to the policy limits, damages for which an employer is legally liable for violating an employee’s civil or other legal rights. In addition to paying a judgment for which the insured is liable, it also provides for legal defense costs, which can be substantial even where there has been no wrongdoing.