Umbrella Liability Policy
Umbrella Liability policy
An umbrella liability policy is our secret weapon! Are you an active volunteer or board member? Do you operate a business in your home and have employees and clients to your home on a regular basis? We highly recommend adding an umbrella policy to your insurance portfolio.
Find out why an Umbrella Liability policy is such a valuable coverage to have and why we recommend it for all of our clients.
The Basics of Personal Umbrella Liability Policies
If you are found to be legally responsible for injuring someone or damaging their property without a personal umbrella liability insurance policy, anything beyond the limits of your standard liability insurance coverage will come out of your own pocket. Standard liability insurance generally includes homeowners, renters, auto and watercraft policies.
A personal umbrella liability policy provides an extra layer of insurance coverage over your standard liability policies. It protects your personal assets by kicking in when your standard liability coverage is exhausted.
Who Needs an Umbrella Liability Policy?
At Beyond Insurance, we recommend that everyone should consider carrying an umbrella policy. If you engage in a high-risk activity or hobby that increases your odds of getting sued—such as having a teenage driver, owning a swimming pool or entertaining frequently—it is wise to supplement your insurance with a personal umbrella policy.
How Much Coverage Do I Need?
You’ll want to take into consideration not only your total personal assets but also your potential personal risks. For example, do you operate a business in your home and have employees and clients to your home on a regular basis? Does your profession or location of your home make you an easy target for a big settlement? Determine your personal risks to evaluate the amount of additional liability coverage that makes the most sense for you.
Coverages start at $1 million, and can go as high as $10 million. When considering the value of the umbrella policy, discuss your personal needs with Excel Insurance Group Inc.
How Much Does Coverage Cost?
Additional liability insurance is inexpensive when compared to the added coverage you gain. Depending on the policy value and your personal risk factors, such as recent auto tickets, your credit rating and more, a $1 million umbrella policy typically costs about a dollar per day. Costs go up an additional $50 to $75 for each million thereafter.
Count on Us
Don’t wait for a rainy day to find out you need the additional protection a personal umbrella liability policy can provide. Call Beyond Insurance today at 403-392-6118 to discuss your unique needs and learn about all of our liability insurance solutions.