Unfortunately, accidents happen. Liability insurance can protect businesses and individuals when they’re responsible for damage or injuries to other people. But in some instances, costs can exceed liability coverage. This is when umbrella coverage is essential. Choosing the right umbrella coverage is important when it comes to protecting yourself or your business.
Muller Insurance is an independent insurance agency that provides businesses and individuals with umbrella insurance from trusted providers. We serve customers in many states, including New York, Connecticut, Maryland, Rhode Island, Massachusetts, Pennsylvania, Washington D.C., North Carolina, South Carolina, and Virginia.
Here, we offer insurance tips detailing what you need to know when seeking umbrella insurance.
What Is Umbrella Insurance?
An umbrella insurance policy is added coverage that goes beyond the amount that regular home or vehicle insurance offers. To secure umbrella insurance, you must first own a standard policy. The umbrella policy only kicks in once the standard insurance coverage has been exhausted.
Umbrella insurance generally provides coverage for the following circumstances:
- Injuries to other people
- Damage to someone else’s property
- Certain lawsuits
- Legal costs
- Personal liability situations
It’s important to note that umbrella insurance doesn’t cover your own injuries or property damage.
There’s no law requiring companies or individuals to purchase umbrella insurance. However, it may be in your best interest to have it if you own many assets or have a high probability of facing a lawsuit.
Umbrella Coverage Insurance Tips
When choosing an umbrella insurance policy, it’s important to select the right amount of coverage to ensure you’re fully protected. Before picking a policy, we recommended estimating the total value of your assets. A tip to remember is that your umbrella coverage amount should align with your net worth.
You should also review your standard insurance policies. It’s wise to look at the liability insurance amounts on your existing policies. If the amount of liability insurance leaves you vulnerable, you may want to consider umbrella coverage.
A person’s or company’s financial situation can change. That’s why it can be beneficial to review your insurance policies regularly. If your assets expand and your net worth increases, you’ll want to increase the liability limits on your insurance policies, including umbrella coverage.
Comparing Umbrella Insurance Policies
Being fully protected requires selecting the right umbrella insurance. When choosing umbrella coverage, the best way to compare one policy against another is to determine the amount of coverage needed. From there, you will want to research what each umbrella insurance policy covers. This ensures you have the protection you need while not paying for coverage that doesn’t apply to you. Finally, you will want to receive quotes from different insurance companies to compare rates.
Get an Umbrella Insurance Quote From Muller Insurance
Individuals and companies who are concerned about being liable for an accident can obtain added protection with an umbrella insurance policy. For over 25 years, Muller Insurance has been meeting the insurance needs of businesses and individuals in New York, Connecticut, Maryland, Rhode Island, Massachusetts, Pennsylvania, Washington D.C., North Carolina, South Carolina, Virginia, and other states. We take great pride in our outstanding reputation and ability to provide clients with the coverage they desire at affordable rates.
To better serve our clients, we work with several premier insurance providers, including:
- Chubb Insurance
- Plymouth Rock Assurance
- Travelers Insurance
- Safeco Insurance
- The Andover Companies
- Lemonade
- American International Group (AIG)
- Franklin Mutual Insurance
- Farmers of Salem Insurance
- Fitchburg Mutual Insurance Company
- Federal Insurance Company
- The Norfolk & Dedham Group
- Great Northern Insurance Company
- Merrimack Insurance & Retirement Planning Services
- Bay State Insurance Company
- Progressive
- Cumberland Mutual
- Fidelity National Financial
Contact us today for more information about umbrella insurance or to get a quote.
