Personal Umbrella Insurance

Personal umbrella insurance is a form of liability insurance that will supplement your basic liability policies, such as your auto, home, or renters insurance. A personal umbrella liability policy covers a much higher limit and goes above and beyond claims directly relating to your home and auto.

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The main purpose of your umbrella policy is to protect your assets from an unforeseen event, such as a tragic accident in which you are held responsible for damages or bodily injuries. If another party files a lawsuit against you, your umbrella coverage will pay for the damages you’re legally responsible for up to the policy limit.

An umbrella policy provides additional coverage or “excess liability” above the limits of your basic policies. It can protect you from bodily injury liability claims and property damage liability claims. Umbrella policies also provide a broader form of coverage and can help cover legal fees, false arrest, libel, and slander.

Commercial / Business Umbrella Insurance

The main benefit of purchasing Business Umbrella Insurance, rather than opting for higher limits on your existing policies, is that Umbrella insurance tends to be more cost-effective: you can spend less each month on premium payments to enjoy significantly greater insurance protection. In addition, you can expand your coverage limits on several policies through a single Umbrella policy. For example, instead of investing in higher limits on General Liability, Auto Liability, and Employer’s Liability policies, you could invest in a single Umbrella Liability policy that offers extended coverage on all three.

For a single premium, a Business Umbrella insurance policy adds another layer of protection to any of several other policies that you might carry, including General Liability, Employer’s Liability, and Hired and Non-owned Auto Liability policies. For instance, if you have $1 million in General Liability coverage and a covered claim is settled for $1.5 million, your Business Umbrella Insurance policy would pick up the $500,000 not covered by your General Liability policy.

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