What is Umbrella Liability Insurance and What Does it Cover?
At Connie Phillips Insurance, we represent YOU, NOT the insurance carriers. We are interested in doing what is best for you. We work hard for our clients and enjoy empowering them through client education.
Since March is National Umbrella Month, we will focus on three main reasons you should get under an umbrella. In the following paragraphs, we will discuss what Umbrella Insurance is, what it covers, and why you should get under an umbrella today.
Personal Umbrella Liability Insurance is a type of personal liability insurance covering claims that exceed regular homeowner, auto, and other liability policy coverages. It covers the policyholder as well as their family members and covers injury to others and damage to their possessions. However, it does not cover the policyholder’s property. Umbrella Liability Insurance is affordable. It is crucial to speak with an agent to learn about the value of having a Personal Umbrella Liability policy.
Commercial Umbrella Liability Insurance gives you extra coverage over your other policies to help pay for costs that would exceed your liability policy limits. Without having this kind of commercial insurance coverage, you would have to pay out of pocket for any liability claims that would cost more than your other coverage limits. Commercial Umbrella Liability Insurance can cover lawsuit claims that do not result in legal action. Your primary liability insurance pays costs associated with the claim after your deductible is met and up to the limits of the policy. If the wronged party is awarded more than your standard coverage limits, the umbrella liability would provide the excess liability limits, and you would be protected up to the limits of the umbrella liability limits.
Three Reasons Why You Should Purchase an Umbrella Liability Policy
1. You Need the Additional Coverage –Umbrella Liability Insurance Coverage protects against claims and lawsuits and shields future income or profit from garnishment. Life happens, accidents occur, and you do not want to be left in a situation where you are not protected in the event of an accident or lawsuit. In the world we live in today, more often than not, individuals are seeking out lawsuits, and you do not want to go uncovered.
2. It is Affordable –-Personal Umbrella Liability Insurance policies cost around $200 per year, which is about $16 per month for a $1 million policy. Most small business owners can expect to pay on average about $500 to $1,500 annually for Commercial Umbrella Liability Insurance. This is typical for policies with $1 million in coverage of “per occurrence” limits. Costs and policies vary depending on several factors. It is essential to meet with an agent to find out more information on how Umbrella Liability Insurance can serve you and what your policy will cost.
3. Peace of Mind –Walk through life and carry on your personal and business dealings with confidence and peace of mind knowing that you are covered in the event of an accident or lawsuit. Having the additional coverage, and not needing it, is better than finding yourself or your business in a situation where you need the excess limits of liability that you don’t have. Give yourself the gift of peace of mind and get purchase an umbrella liability policy!
At Connie Phillips Insurance, we have experienced and trained agents ready to serve you, your business, or your association and your individual needs. You need an independent insurance agency on your side working for you, not the insurance carrier. We can provide you with the best policies that meet your individual needs at an affordable cost you. We won’t let you sacrifice coverage for cost and vise versa. It is important to us to find policies with coverages that are smart for your unique situations and meet your budget. We have the best agents on staff, and we enjoy empowering our clients through client education. We will help you understand the value of how a Personal or Commercial Umbrella Liability Insurance policy can benefit you. Don’t wait any longer to get an excess umbrella liability policy. Take advantage of National Umbrella Month and make an appointment with one of our specially trained agents today.