Incidents that cause a great amount of damage can sometimes exceed coverage limits of regular insurance policies. Umbrella insurance can supplement this coverage and prevent individuals and companies from financial disaster. This supplemental coverage protects you from the possibility of large and devastating liability claims or judgments and goes beyond the limits of liability that exist within your personal auto and homeowners policies. Prevent your personal or business assets from getting pulled into a lawsuit from a property or auto accident with the help of Merchant Family Agency.
What Umbrella Insurance Covers
Personal umbrella policies are meant to cover you after your liability limits in your homeowners or auto insurance policy have been exceeded. It can also cover other family or household members in addition to you.
Commercial umbrella insurance protects businesses from liabilities that pose immense financial challenges, such as legal costs, medical expenses for workers’ compensation, and property damage. Umbrella insurance can be used when the coverage has been reached on other policies, and acts as a safety net to keep businesses running.
Umbrella Insurance Coverage
Umbrella insurance acts as an extra layer of protection that supplements the other policies you have to cover all your bases and minimize the financial impact caused by an unforeseen event. They may even protect you from certain liability claims that aren’t usually covered within other policies. A policy may be used for circumstances including:
Medical expenses can climb quickly and pose a real threat to an individual’s financial stability, or a company’s assets for covering a worker under their workers’ compensation policy. This insurance can assure that these medical bills will not have to be paid out of pocket when they exceed other policies’ coverage limits.
Losing a home or a commercial property can be both financially and emotionally draining. Policies may not cover the full extent to completely replace or restore what has been lost, as well as ensure a temporary situation to move forward. Umbrella policies allow individuals and businesses to regroup from a place of strength.
Legal action can be an expensive process from preparation to final judgement. Individuals and businesses can bolster their chances for a successful conclusion, as well as protect themselves if they must pay damages, with umbrella insurance policies.
Landlords carry a significant amount of liability to ensure they are providing a safe and healthy property for their tenants. While this can be used as a promising investment, an incident which threatens tenants’ health can open the landlord to serious risk. Umbrella insurance allows landlords to focus on providing the best conditions, profit off of their investment, and rest easy knowing they have coverage.
How Umbrella Insurance Works
Umbrella insurance is designed to suit unique needs and operate flexibly to supplement underlying policies. Policyholders pay regular premiums in return for assurance that they have an additional layer of protection against adverse circumstances, however or whenever they arrive. If an incident happens, the underlying insurance policy covers up to its limit, at which point umbrella insurance continues to provide financial security.
These policies also extend to other members of your households who may not be written into that auto or property insurance. An umbrella policy can cover a variety of events that could threaten your financial security.
The polices found in umbrella insurance are meant to be versatile. That enables them to be applied for a variety of different policy types. If you already have an insurance policy with us, we can bundle it with your existing coverage. If you have an existing policy with another insurance company, Merchant Family Agency can use an umbrella policy to extend the protection from that policy.
Trust The Experts Who Put Your Needs First
Not sure if your insurance coverage is enough? We’re here to guide you by finding out if you have adequate coverage and point out where you might be leaving yourself vulnerable to risk. Let us help fill in the potential gaps in your existing insurance with an umbrella policy that fits your life. Call Merchant Family Agency at 407.707.6418 or request a quote online today.