Many people today have some form of auto and homeowners insurance policy. However, these plans come with limits which make it impossible to provide coverage in case of significant court judgments leaving you paying for both the judgment and cost of defense. This is where umbrella insurance steps in, providing full coverage for you and any other gaps that home or auto insurance won’t cover.
Umbrella insurance policy is quite important as it offers coverage against liability lawsuits. Many individuals and firms have suffered significant losses due to crippling lawsuits. Whether you run a business, a company, or are self-employed, there are many reasons why you should consider getting an umbrella insurance policy.
There are many kinds of Umbrella insurance; these include Personal umbrella insurance and commercial umbrella insurance. We shall now look into each as follows;
You may need a Personal Umbrella policy if you:
Have or drive a car – This provides coverage for accidents involving your car that exceeds your auto insurance limits.
Have a rental property – This provides coverage for lawsuits that exceed your homeowner’s insurance limits.
Own a dog or any other pet – although amiable companions, there are cases where dog biting people have resulted in very harsh lawsuits to the owner. Having umbrella insurance will make sure that you are protected from such crippling settlements.
Use a Smartphone or Computer – since we practically live on the web now, many people have found themselves in dip trouble with the law after issuing wrong statements or content on the internet. With such cases increasing, having umbrella insurance will cover any lawsuits that could result.
After discussing personal umbrella insurance, we will now see the Top five reasons why you should get Commercial umbrella insurance
1. Umbrella Insurance serves as your last resort
With many more businesses facing lawsuits, It is crucial to have umbrella insurance in place in case you encounter a lawsuit from your employees or clients. The policy acts as a secret weapon that you can use as a last resort when the settlement exceeds the general liability limits.
2. It Prevents Gaps in Your Insurance Strategy
With most businesses having to purchase multiple insurance policies, It can get overwhelming at times and even hard to look for and buy every type of insurance needed. If this is you, then you should purchase commercial umbrella insurance as it can cover any insurance gaps for your business.
3. Umbrella Business Insurance Enables you to re-invest your Money, worry free
Compared to other forms of insurance policies, Umbrella commercial insurance helps you save money by offering coverage against lawsuits. This gives you the freedom to expand your business without having to worry about losing a large chunk of your capital to a trial.
4. Your Business Becomes agiler
With the commercial market evolving daily, It can be challenging to keep track of every new financial risk and avoid it. If you purchase commercial umbrella insurance, you won’t have to worry about any unknown risks. Doing this will also help you conduct your business fast, confidently and even take a couple of chances without fear of going bankrupt over a lawsuit.
5. You get great value for less.
Personal and Commercial umbrella insurance provides excellent coverage for less. This makes it a must-have for any business, company and even individuals. Before making your purchase be sure to ask your agent to clarify any questions you might have. Get your umbrella insurance today!
Contact us!
At Kunevich & Lau insurance, We offer various types of insurance quotes including, Personal, Auto, homeowners, business, life, umbrella and so much more. With over 40 years in the industry, we offer very competitive rates and put your satisfaction as our primary goal!
For more information or appointment scheduling, Call or email us via (617) 731-1015 or respectively. Alternatively, you can also check our website at or visit us at 241 Washington Street Brookline, MA 02445 or 268 Centre St Newton MA 02458. We take customer servicing very seriously and have a team of professionals waiting to pick your call or answer your email. Get in touch with us today!