The Importance of Umbrella Insurance: Protecting Your Assets
What happens if you’re sued for more than your auto, homeowners, or commercial business insurance covers?
You might believe your existing policies offer enough protection, but everyday scenarios can quickly exceed standard coverage limits. A serious auto accident, an injury on your property, or even a defamation claim could result in a lawsuit exceeding your primary policy limits. Without proper protection, your savings, investments, future earnings, and business could be at risk if you’re found liable.
That’s where umbrella insurance steps in, providing that extra protection when needed most. Think of it as a financial safety net that extends beyond your standard coverage limits, protecting your hard-earned assets from unexpected liability claims.
Umbrella insurance is remarkably cost-effective for the extensive protection it provides. For your personal assets, you can often secure an additional $1-5 million in liability coverage for just a few hundred dollars annually. Although more expensive, a business umbrella is still very affordable for most business owners. This additional protection often costs less than many people expect, especially considering the significant financial security it offers.
What does umbrella insurance typically cover?
• Legal defense costs
• Personal liability situations (like libel, slander, false imprisonment)
• Bodily injury liability
• Property damage liability
Whether you’re a business owner with commercial property or a homeowner with substantial assets, umbrella insurance fills critical coverage gaps. Your primary business insurance or homeowner’s policy has specific limits that may not be sufficient in today’s litigious environment. As your assets grow over time, your potential risk exposure increases naturally.
Evaluating your current coverage could reveal essential gaps in your protection strategy. Consult an insurance professional to discuss how umbrella insurance might strengthen your overall financial security and provide lasting peace of mind.
At Meixell-Diehl, we don’t believe in setting a timer when it comes to something as precious as your life, your family, or your business. To us, you’re not a number. You’re our neighbor – that’s something that hasn’t changed since 1933.
We’re focused on helping you through life’s most unexpected moments, whether that’s by phone call, text, email, or stopping in for the comfort of a friendly familiar face. Our agents are also continually evolving their insurance expertise to ensure the policies and prices we’re offering ultimately align with your life. Contact us today!