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What You Need to Know About Commercial Umbrella Insurance
What is Umbrella Coverage?
Umbrella liability insurance, often referred to as excess liability insurance, is a supplementary insurance policy that extends beyond the limits of your primary insurance coverage. It acts as a financial safety net, providing additional protection in case of unexpected events or lawsuits.
How Does Umbrella Insurance Work?
When you face a claim or lawsuit that exceeds the limits of your underlying insurance policies, your umbrella policy kicks in. It covers the remaining costs, which can include legal fees, medical bills, or property damage expenses.
Reasons to Consider Umbrella Liability Insurance
Asset Protection: Protect your assets, including your home, savings, and investments, from potential legal claims.
Legal Defense: Cover legal expenses, including attorney fees, in case you are sued.
Coverage Gaps: Fill in the gaps left by your primary insurance policies.
Advantages of Umbrella Liability Insurance With Dott-Leavitt Insurance Services
Cost-Effective: It offers significant coverage at a relatively low cost.
Broad Coverage: Protects against a wide range of liability claims, including personal injury and property damage.
Legal Assistance: Offers legal assistance and defense, even if you're not found liable.
What's the difference between Umbrella Coverage and other insurance options?
While various insurance types serve distinct purposes, umbrella insurance stands out as a versatile addition to your insurance portfolio. It acts as a safety net, extending your liability coverage beyond the limits of other policies.
Umbrella Liability Insurance: Common Questions Answered
How Much Coverage Do I Need?
Determining the right amount of coverage depends on factors like your assets, income, and potential risks.
Do I Need Other Insurance Alongside Umbrella?
Yes, umbrella insurance is typically purchased in addition to your primary policies, such as auto or homeowners insurance. It acts as a supplement to these policies.
What Does Umbrella Insurance Exclude?
While umbrella insurance provides extensive coverage, it may not cover intentional acts, business-related claims, or damage caused by certain recreational activities. Always review your policy for specific exclusions.
How Can I Lower My Premiums?
To reduce your umbrella insurance premiums, consider increasing your deductibles on underlying policies, bundling insurance with one provider, and maintaining a good credit score.
Can I Get Umbrella Insurance If I Rent?
Yes, renters can also benefit from umbrella liability insurance. It adds an extra layer of protection to your renter's insurance policy.
Explore your options, consult with insurance experts at Dott-Leavitt Insurance Services, and make the choice that secures your future.