Going the Extra Mile: How Umbrella Insurance Can Protect Your Business and Personal Assets

As a business owner, you understand the importance of protecting your business assets. But have you considered how to protect your personal assets as well? One solution is umbrella insurance.

What is Umbrella Insurance?

Umbrella insurance is an additional layer of liability coverage that sits above your other insurance policies. It provides additional protection for situations where the limits of your primary insurance policies, such as your home or auto insurance, have been exhausted.

For example, imagine you are hosting a company picnic on your property. An attendee is injured after tripping on a tree root and decides to sue you. Your homeowners insurance policy has a liability limit of $300,000, but the lawsuit ends up costing you $450,000. Without umbrella insurance, you would be responsible for paying the remaining $150,000 out of pocket. But with umbrella insurance, your policy’s extra coverage would kick in and cover the remainder of the damages.

The Benefits of Umbrella Insurance

Umbrella insurance is also important for business owners because it can provide additional liability coverage for their business operations as well. It can help protect you and your company from significant financial losses if a legal judgment is made against your business.

Another benefit of umbrella insurance is that it can also provide protection from personal risks that may not be covered under standard policies. These include libel, slander, and false arrest.

Umbrella insurance is relatively inexpensive and can provide a great peace of mind. It’s a smart and cost-effective way to protect yourself and your assets. In case you’re wondering how much umbrella insurance you need, it’s a good idea to speak to your insurance agent or financial advisor and get a proper assessment, considering all your assets, income and future earning capacity.

What Does Umbrella Insurance Cover?

  • Other parties’ funeral costs and injury treatments
  • Others’ property damage
  • Your legal defense costs
  • Liabilities that happen outside of the United States
  • Claims like libel, slander, defamation of character and invasion of privacy

What Does Umbrella Insurance Not Cover?

  • Business losses
  • Intentionally harmful behavior
  • Your own injuries
  • Damage to your personal belongings
  • The liability you assume under a contract

By going the extra mile and getting umbrella insurance, you can ensure that you and your business are fully protected. Don’t let a lawsuit drain your personal assets, consider umbrella insurance today.

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