In Mississippi, there are  257,404 small businesses in existence. If you operate a company, adequate protection is necessary to function correctly. Mississippi business insurance will have an option to add commercial umbrella coverage.

A Mississippi independent insurance agent can help with policy and premium options that won't break the bank. They'll even do the shopping for you for free so that you can relax. Connect with a local expert to get started in minutes. 

What Is Commercial Umbrella Insurance?

Commercial umbrella insurance will provide additional coverage for your Mississippi business. When you have a claim that gets out of control, this policy will step in and save the day. Check out how it works:

• Commercial umbrella insurance: Provides an extra layer of liability coverage over your underlying business policies for a substantial bodily injury or property damage claim. 

Value of business-to-consumer general liability insurance premiums written in the US from 2019 to 2024 (in billion US dollars)

Commercial umbrella insurance is an extended form of general liability insurance. Limits start at $1,000,000 and go up from there, depending on your needs.

What Does Commercial Umbrella Insurance Cover?

Most Mississippi companies are not equipped with the reserves to pay for a substantial loss. Fortunately, when you have an umbrella policy, you'll be covered. Take a look at some things commercial umbrella insurance can provide coverage for:

• A lawsuit arising out of slander
• A lawsuit arising out of liability
• A lawsuit arising out of defamation of character
• A lawsuit arising out of bodily injury

Commercial Umbrella Insurance Costs in Mississippi

In Mississippi, the average cost of insurance varies depending on the policy and industry. Carriers look at a number of items when calculating your insurance costs. Check out the following risk factors companies use to rate your business umbrella coverage:

• Your claims history
• Your assets
• Your gross business income
• Local weather patterns
• The industry you are in
• Your experience level

Market share of commercial lines insurance companies in the US in 2019, by direct premiums written 

Similar to your other business insurance, your commercial umbrella pricing will vary. For exact costs, get quotes from a licensed professional. 

Commercial General Liability Insurance vs. Umbrella Coverage in Mississippi

Your Mississippi company will start with a general liability policy when selecting coverages. Then, you will add a commercial umbrella policy for added liability protection above and beyond your underlying policies. Both are separate policies but equally necessary. They will work in conjunction with one another to handle an extensive loss. 

How they work together:

• General liability insurance: Pays for a lawsuit arising out of bodily injury, property damage, or slander.
• Commercial umbrella insurance: Pays for a lawsuit arising out of bodily injury, property damage, or slander. This is a continuation of liability coverage when a larger claim occurs.

Stand-Alone Commercial Umbrella Insurance in Mississippi

In 2019 alone, Mississippi had $3,120,632,000 in commercial insurance claims paid. If you're trying to protect your livelihood from all the what-ifs, business umbrella insurance can help. It will pay for the more substantial losses that your operation may endure.

A stand-alone policy is doubtful because carriers will require underlying policies in order to write umbrella insurance. This will make the claims process more manageable and avoid any back and forth between insurance companies.

How to Connect with an Independent Agent in Mississippi

If you own a business in Mississippi, accurate coverage can help protect your operations. There are several policies your company may need, and knowing what's best can be challenging. Fortunately, a trusted adviser will help review your coverage for free.

A Mississippi independent insurance agent has access to multiple markets so that you're presented with the best options. They'll do the shopping for you, saving time and money. Connect with a local expert on TrustedChoice.com for tailored quotes in minutes.