Umbrella Insurance Cost for Law Firms
Commercial umbrella insurance provides additional limits above underlying policies like general liability, auto liability, and employer's liability. For law firms, an umbrella policy is a cost-effective way to protect against catastrophic claims that exceed primary policy limits. Umbrella coverage typically kicks in only after the underlying policy limits are exhausted.
Typical Range:$1,000-$5,000/year for $1M-$5M in limits
Key Pricing Factors
- Limits of underlying policies (GL, auto, employer's liability) that the umbrella sits above
- Total umbrella limit selected, typically ranging from $1 million to $10 million
- Firm size, revenue, and number of employees
- Claims history on underlying policies
- Whether the firm owns or leases vehicles that require auto liability coverage
Tips to Reduce Your Premium
- Purchase underlying GL, auto, and umbrella from the same carrier to qualify for account packaging discounts
- Ensure underlying policy limits meet the umbrella carrier's minimum required thresholds to avoid coverage gaps
- Consider whether you truly need auto coverage under the umbrella if the firm does not own vehicles
- Review umbrella exclusions carefully to confirm it does not exclude key exposures relevant to your firm
Get an accurate quote for your firm
Every firm is different. Get a personalized coverage review and see what your program should actually cost.