If you think you need umbrella insurance, you’re probably right. Umbrella insurance is a low-cost way to obtain a massive amount of liability coverage. While your home, boat, and auto insurance are designed to cover losses, they are not always adequate to cover expensive claims like a lawsuit.
Accidents in Glen Allen, VA can be pretty expensive, especially if they involve multiple cars. That’s why Everett Insurance recommends buying umbrella insurance to take over when your auto or home insurance policy reaches its liability limits. Here are a few things you should know about this policy.
You can protect your business
Also known as “excess liability,” umbrella insurance can be used as personal and business coverage. To protect your business or commercial property, you can purchase commercial umbrella insurance to cover lawsuits that result from operating your companies.
You need extra liability coverage
Whether you’re a motorist, business person, homeowner, or a parent in Glen Allen VA, you will always face a certain amount of risk in life that could present a liability claim or lawsuit. If the worst happens, umbrella insurance can take care of your financial needs as you focus on what matters to you the most.
Not all lawsuits are covered
While umbrella insurance is designed to cover all lawsuits, there are specific exceptions, such as criminal activities or intentional acts. Deliberate acts of harm such as sexual harassment, discrimination, assault, and other property and bodily harm are considered acts of malice and may not be covered.
You could lose everything without umbrella insurance
It’s easy to ignore umbrella insurance if you have standard policies like home insurance and auto insurance. However, if you cause an accident involving multiple cars, the damages and injuries can quickly add up, and the compensation cost can go as high as several million. Unless your auto insurance liability limits exceed several million, you should probably buy umbrella insurance.
To get yourself the most reliable umbrella insurance, talk to experts at Everett Insurance. We’re always looking forward to helping you stay covered and protected. Call us today!