Liabilities can be anywhere, and are a danger that you should be aware of with your business. Bearing that in mind, you may need extra insurance protection which will protect you from any looming liability. There are several policies under umbrella insurance that will cover your home, business, and auto insurance. Normally, insurance policies will have a low liability limit, but umbrella insurance will add an extra layer. You will notice that under umbrella insurance, the coverage will be considerably high meaning that all your insurance needs will be catered for.
Most of the liability coverage insurance policies have will only cater for bodily harm and property damage. On the contrary, umbrella insurance policies will extend those limits so that it does not only cover property damage or bodily harm but gives you extensions on policy amounts. Also, it covers things that are not listed under regular liability allowances. Under umbrella insurance, you will get several policies with each policy covering a different insurance line as compared to the other policies. Any time that a situation arises, whereby the coverage required might exceed your normal liability coverage; then umbrella insurance will automatically kick in if covered by your policy. If you have more questions about what is covered under umbrella insurance, call our office at Silverton Insurance Specialist, LLC.
You may have the notion that your current insurance policy is in a good stance. Therefore, you don't need the umbrella policy. You will need to make several considerations before making such a huge decision. Some of these considerations include: What would happen in case the assets of your family are sued as a result of something that can happen at your home? What if the lawsuit exceeds the liability coverage of your current insurance policy? Also, you should consider the fact that at a certain point in life, you may be responsible for a multi-car accident and you may need to compensate the other parties involved. The liability cost for such an accident can exceed your insurance limits hence costing you thousands of dollars. With an umbrella insurance policy, everything may be covered.
If you lie within any of the categories mentioned above, you should consider adding umbrella insurance to your insurance coverage policy. If you own a home, have teen drivers, have potential future earnings, have a well-established business, and finally, if you own a vehicle, motorcycle, or boat then umbrella insurance may be for you. Umbrella insurance will ensure that you can finance all liabilities that may come your way.
For more information and inquiries visit Silverton Insurance Specialist, LLC. We have agents that are more than willing to work with you and answer any questions you may have about umbrella insurance and your current policies.