Umbrella Insurance

What is Umbrella Insurance and why do you need it?

Umbrella insurance is a type of insurance policy that provides additional (excess) coverage when your underlying insurance policies reach their maximum liability limit. Every insurance policy has a maximum amount of coverage, but if there is an incident in which the damages exceed the specified amount of coverage, this policy will step in and help cover the additional expenses that fall outside of your specified limits in the underlying policy.

Who Needs Umbrella Insurance?

Just about anyone is at risk of being sued, whether you are a homeowner or business owner. If you own a small business and a customer slips and falls in your business, you can be sued for their damages.  If their injury costs more than what your main business insurance policy covers, this insurance policy helps to pay the remaining legal or medical costs.

Why is it So Important?

Lawsuits can affect more than just the money in your bank account. If you are sued for a large amount of money due to a lack of insurance coverage, the courts can take money from your future earnings, savings account, and investments. To help avoid this life-altering problem, you can purchase this type of excess insurance policy so that if you need it, you have that additional coverage.

What Does it Cover?

Umbrella policies include a variety of areas of coverage. It will cover bodily injuries, such as someone falling down the stairs in your home or someone injured in a vehicle accident you were involved in. It also includes property damage for residences and businesses, as well as vehicles.