$2mil auto coverage?

thanks for the info jeff...

is your 3 million umbrella on Commercial Auto or Commercial General Liability?

If it is on the general liability, does it cover any auto claims? (I don't have a strong grasp of how the insurance side works - to now I have just got the coverage required by each customer)

I (understandably) can't get hold of either of my insurance agents today, so can't get these questions answered.

The contract I got through is kind of a big deal to me at this point in time, want to get the i's dotted and t's crossed before year end!! :D

Jeff, can I ask how much your umbrella policy costs you? I was quoted $1,000 for a $1,000,000 umbrella - sound about right?
 
That is about right for umbrella coverage. The million dollar auto liability is quite common as well. It is 2 million aggregate, which means you are insured for a total of 2 million with a million per occurence, if that makes sense.
 
Steve check with your agent on putting it on your homeowners. I got the 3 mill when I got my homeowners it was a additional policy and it covers my biz, home, vehicles, it covers everything and anything. Once my other insurances are maxxed out on say a lawsuit, my 3 mill comes on as a back up basically

The cost was cheap. I forget right now but it was under $200 a year and its good piece of mind. I also put on 1 mill for my mother on another policy from my homeowners. That was more expensive because it was a 2nd umbrella. That cost around $300 a year, but she is older and I wanted her to have the protection since she lives with us

$500 bucks or so, saves me from losing everything, its a cheap price to pay
 
I got that 2 mil auto requirement for the first time last month. My agent is working on something where it is all inclusive with the General Liablility. But I'm going to ask him now about the homeowners umbrella Jeff was talking about.

My GL runs $2800/yr w/2mil aggregate and that includes full coverage on the trailer lift.
 
Be VERY carefull attaching any buisness insurance to your homeowners policy. If you are listed as a LLC Sub-S or a state registered corp you are now attaching the liability if something goes wrong onto your home residence. Just check withthe company and see what is best for you.
 
Alexy said:
Be VERY carefull attaching any buisness insurance to your homeowners policy. If you are listed as a LLC Sub-S or a state registered corp you are now attaching the liability if something goes wrong onto your home residence. Just check withthe company and see what is best for you.
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Yes you are right, don't attach anything biz to your house policy. My biz name is not part of the umbrella. But as we know lawsuits can take many directions and can find a way to get to your personal stuff. This is one of the reasons I got the umbrella just in case someone comes after other than biz stuff. just another safety net that happens to cover me for just about anything that comes my way. Someone one will come after the money and lawsuits arent huge paying unless you do something like Love Canal, so between the biz and the umbrella my personal stuff will be safe
 
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