Unlike other insurance policies, umbrella insurance has the ability to cover you beyond your basic insurance. Make sure you’re protected, contact Keep Insurance in Westchester NY today for an insurance quote.
Though it’s important to protect yourself and your business with basic coverage, there are some instances where it may not be enough. For those “What if?” situations, umbrella insurance can help protect owners from a blanket list of liabilities and fees that may not be covered by basic insurance policies.
Litigation rates are rising, and it’s generally impossible to predict how claimants may be compensated; that’s why it may be best to prepare for worst-case scenarios.
How Does Umbrella Insurance Work?
Umbrella insurance policies provide coverage for accidents or incidents where your business has been deemed “at fault”. Umbrella coverage can also bolster or extend any other insurance policies, should the need arise. For instance, in the event of an automobile accident where auto insurance coverage runs out, an umbrella policy will be able to continue paying out losses associated with lawyers, medical bills, auto repairs, etc.
Typically, an umbrella policy will begin at $1 million of extra coverage, and will often go up as high as $10 million, depending on the liability risk that you or your business possesses.
Do you feel confident that you are protected in the event of the unexpected? Lawsuits and liabilities can drastically impact individuals and businesses alike, and are often unanticipated. To protect yourself or your business, it may be a good idea to work with your insurance carrier to assess your specific level of risk. From here, you can select an umbrella insurance policy with the correct amount of coverage for your needs and insure yourself adequately against any scenario that may arise.