Umbrella insurance provides you with extra liability protection. You can add umbrella insurance to your vehicle or home insurance policy. An umbrella insurance policy provides you with extra liability protection that goes beyond what you can typically get. It protects you from being sued by another individual and allows you to protect your assets from a personal injury lawsuit.
#1 Umbrella Insurance Helps You Protect Your Assets
If you own a lot of property or have a lot of money invested or saved up, you have a lot of assets. If you were ever sued for any reasons, your personal assets could be at risk. If you want to keep your assets protected, umbrella insurance is one way to do so. Umbrella insurance kicks in after your typical liability insurance. Umbrella insurance can cover your legal fees if you are ever sued and can help cover any settlement if you lose the lawsuit. Umbrella insurance will ensure that your insurance pays any legal fees or settlement instead of your assets being at risk for these expenses.
#2 Umbrella Insurance Is An Affordable Way To Protect Your Assets
Umbrella insurance is an affordable way to protect your assets. Most umbrella insurance polices start with at least a million dollars of coverage, and increase from there. This coverage comes with a price, but is generally affordable, especially if you have a lot of assets. Expect to pay at least a hundred dollars a month for umbrella insurance coverage. The amount of money that you pay per month will increase as the size of the policy increases. Make sure you balance the size of the policy so that you have the coverage you need at a price that you can afford.
#3 Umbrella Insurance Can Be Used For Professional Reasons
Umbrella insurance policies are not just for your home and auto insurance. Umbrella insurance can also be used to cover professional liability as well. If you want your umbrella coverage to apply to your profession, you will need to add the umbrella insurance policy onto your existing business liability policy. Business umbrella insurance policies are generally a little more limited in scope and cover specific types of liabilities. If you opt for a business umbrella insurance policy, make sure the policy covers the type of liability your business is most at risk for. For example, as an accountant, you may want an umbrella policy that covers errors and omissions in your work, not one that focuses on personal bodily injury. An insurance agent should be able to help you find the right umbrella policy for your professional situation.Share