Protecting your Business!
An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the insured’s home, auto or other personal insurance policy. It provides additional security if you are sued for injuries caused to others in an accident or damages to other people’s property. It also protects against invasion of privacy, libel, vandalism and slander.
Who Buys Umbrella Insurance
Umbrella insurance is not mandatory and is usually purchased by people who:
- Own property.
- Have significant savings or other assets.
- Are worried about liability claims against them when they travel outside the U.S.
- Engage in activities that increase your chances of being sued like:
- Property rental
- Posting reviews of products and businesses
- Coaching kids’ sports
- Serving on the board of a nonprofit
According to the Insurance Information Institute, an umbrella policy with $1 million in coverage costs about $150 to $300 per year. With its high coverage limit, umbrella insurance can provide good value for the cost. It offers extra peace of mind and protects your hard earned assets.