When a massive lawsuit in Florida exhausts your primary General Liability limits, an umbrella policy kicks in. Contractors often need $2M+ in umbrella coverage to win commercial bids.
Covering Catastrophic Losses
If a severe accident causes millions in third-party property damage or injuries, your standard $1M liability limit is exhausted immediately. Without an umbrella policy, your company's assets—and potentially your personal assets—are seized to pay the difference.
Contractual Requirements
Almost all major municipal and commercial projects in Florida require substantial umbrella coverage. We routinely see prime contractors require sub-contractors to carry $5M in excess liability just to step foot on the site.