Umbrella
Umbrella Insurance
Umbrella coverage provides that extra protection a business needs for big, unexpected events that can quickly exceed its primary insurance limits — from devastating multi-million-dollar lawsuits to liability claims, employee auto accidents, on-premises slip and falls, and more.Â
Let’s face it – business owners don’t need another thing to worry about. But here’s a big one: nearly 80% of businesses are not covered against potentially business-ending lawsuits and catastrophic losses. That’s because they fail to add commercial excess and umbrella insurance to their coverage package. The reality is that when it comes to protecting businesses, umbrella coverage is a necessity, not an option.
What our clients say
Highly Recommend
“My husband and I just purchased our first home and used Kevin Hamill’s services for our insurance. We originally tried to find the best rate on our own, but quickly got frustrated. Kevin was recommended by our buyers’ agent, and after the first conversation we never looked back! Kevin was able to shop around for the best bundle prices for our auto, jewelry, homeowners and life insurance. He beat even the local agents by $200-$300 and assisted us with cancelling our existing policies to get refunds. Kevin is different from the rest because he takes the time to really get to know what you are looking for and doesn’t oversell you. He is a great communicator and always responded in a timely manner. He is extremely knowledgeable about insurance and helped explain everything to us in detail. We would highly recommend Kevin for his insurance services to everyone!”
Typically included in the Policy
Commercial umbrella insurance may cover extra expenses not included in your business insurance. For example:
Bodily injury (slip and fall) – medical expenses, attorney fees, limited damages
Property damage
Personal injury
Advertising injury
Liability claims
Umbrella insurance can protect your company against:
Extra liability insurance that goes beyond the limits of watercraft insurance
False arrest
Libel
Slander
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Liability coverage on rental units you may own
FAQs
Umbrella Insurance adds a safety net of extra personal liability coverage to protect you if you are found liable for property damage or bodily injury that exceeds the limits of your existing Car, Homeowners, or Renter’s Insurance. Coverage can extend to the policyholder’s spouse and any dependents or relatives that live with them.
You should have enough Umbrella Insurance to cover your net worth, including future earnings you stand to gain from investments.
Auto accidents
Bodily injury
Personal injury
Property damage
Funeral costs
Legal fees and defense costs
Medical expenses
Landlord liability
Slander
Libel
Defamation
False arrest
Malicious prosecution
Shock or mental anguish
Certain dog breeds
Incidents that take place abroad
Accidents involving rental property like watercrafts or scooters
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Always consult insurance providers about the exclusions on Umbrella policies since many are based on your underlying policies or state-specific legislation.
- High-net-worth individuals who wants to protect valuable assets. If your net worth is significantly higher than the limits of your auto and home insurance, a liability lawsuit could make you lose everything. Assets include life savings, investment portfolios, and even investment property.
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- Persons at a higher risk for being sued. If you own a restricted dog breed, a swimming pool, a trampoline, a tree house, or a gun, you run a higher risk of an expensive lawsuit. If you coach a children’s sport, practice high-risk sports, or are the parent or guardian of a driving minor, you are also at a higher risk of an expensive lawsuit.
Umbrella Insurance starts at $1 million, and it increases in $1 million increments. Consider appropriate coverage by considering:
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- The liability limits of your underlying policies
- The total value of your personal assets such as home, auto, life savings and investments
- Any future earnings you’d stand to lose if a lawsuit lays claim to your investment properties or stocks
- Umbrella Insurance requires specific liability limits on your underlying policies.
- Umbrella Insurance cannot be purchased as a standalone policy. Companies require that you have a Home or Auto policy, or both, at all times.
- You will need to raise policy limits to the specified amount before you can qualify for Umbrella coverage.