Umbrella Insurance
Umbrella insurance is a great way to protect you or your business when you need more than one type of coverage to make sure you are covered in all instances that may affect you. Sometimes an incident occurs, and it doesn’t fall under the scope of your existing policy, this is a case when you might want to consider umbrella insurance.
Personal Umbrella Insurance
Personal umbrella insurance is useful when something incredibly devastating happens and your personal insurance won’t cover the damages. Personal umbrella insurance can be helpful if you are involved in a major accident but your personal auto insurance policy has reached its limit and won’t cover extensive damages. This is when your personal umbrella insurance would come into play and keep you protected.
Although personal umbrella insurance is meant as a way to protect you in incidents that fall outside the norm, it does not cover absolutely everything. On the other hand, if you are the cause for damages to someone else’s property, it can be used to help cover these expenses.
However, it does not cover damages that are caused by you to your own items. It also does not cover you in the case that your belongings are damaged in a criminal situation caused be your own doing. For example, if you enter into a contract with someone and you are liable for any damages.
Commercial Umbrella Insurance
Commercial umbrella insurance is important for business owners because it can protect them against claims that could potentially ruin their business. If a business has commercial insurance but they are involved in a situation that has extensive claims or damages, commercial umbrella insurance can be very useful in protecting the assets of your business.
One major way commercial umbrella insurance can be of great use is if your business is involved in a legal dispute. It can provide additional protection if you are liable to pay for legal fees or medical expenses that extend beyond the limits of liability insurance.
The size of your business is a big part of what kind of commercial umbrella insurance policy you should adapt. If you are the owner of a larger business, the chance of an incident happening are naturally going to be bigger because you have more employees and customers. Therefore, your policy should be as generous as possible just in case multiple incidents happen at the same time that could prevent your business from operating.
The type of business you handle is also a factor when determining what limits to put on your policy as this be used to cover anything your liability policy does not cover. If you are involved in a business where people are doing more manual labor, for example, you may want to invest in a higher policy limit than a business that mainly works in a commercial office building.
Reach out Today
Willoughby Insurance is based out of Buffalo, NY and we will help you or your business determine what kind of umbrella insurance policy is the right one to make sure all your needs are covered. Contact us today.
Umbrella Insurance
An umbrella insurance policy supplements your existing general liability, auto liability and employer’s liability limits. Sometimes accidents happen, but are not covered by your existing business insurance programs, with umbrella insurance you have coverage. If there is huge accident and the damages are above the limits instead of paying out of pocket we can cover you.
How much commercial umbrella insurance coverage do you need? There are factors that go into determining the answer, like the type of business you own and how much coverage you already have. Let one of our experts figure out the best plan for your business.