An umbrella insurance policy is a unique form of insurance that picks up where other policies leave off. Many business insurance policies have a “cap” or a limit that is set on how much will be paid out for a claim. Your umbrella policy is designed to pick up expenses that your traditional policy will not cover. It will protect you from financial devastation if you must pay over the amount your other policy allows. Umbrella policies can be purchased for your home or your business.
Bodily injury refers to any injury that a person receives while on your property. Slip and fall accidents, dog bites, or people who fall, or are injured in any way while they are on your property are considered bodily injury accidents. Whether you are insuring your business or your home, it’s important to know that there will always be a risk of bodily injury, no matter how careful you are. An umbrella policy will cover any excess that your traditional homeowners or business policy won’t pick up.
Property damage involves any type of damage to another person’s physical property. If you have a company vehicle that is involved in an accident where property damage occurs, your umbrella coverage will take over where your traditional business policy leaves off. In many cases, property damage may be minor. However, there will always be the risk of extensive damage. Maintaining an umbrella insurance policy on your home or business is essential if you want to lower your potential risk of financial loss.
Certain Types of Lawsuits
There are also certain types of lawsuits that may be covered under your umbrella policy. Slander, libel, and malicious prosecution, as well as mental anguish, can be a costly problem if you are found guilty. In certain types of cases, the damage incurred may not be physical. Libel and slander can do more damage to a person’s reputation or standing in the community. If you find yourself being sued for one of these types of issues, a liability policy will be good to have with the extra protection offered by umbrella insurance.
Personal Injury Cases
Personal injury cases can also be costly. Even if you don’t feel as if you are at fault, you may be required to pay damages. An umbrella insurance policy is a plus in these situations and will help to protect your business from financial and personal loss. Personal injury cases may be difficult to prove, but having an umbrella policy in place is your best protection.
Having an umbrella policy in place could mean the difference between losing your home or business and being able to move past a catastrophic event. If you are looking to buy the best umbrella insurance, contact the experts at Gant Insurance Agency in McKinney, Texas. We are ready to help you with all your coverage needs today.