Liability coverage is a valuable protective measure for businesses and individuals. Umbrella insurance can extend these coverages for more protection in these areas. At Bowen, Miclette & Britt, our brokers can identify umbrella insurance policies with competitive rates to help policyholders mitigate risk.
What Is Umbrella Insurance?
Umbrella insurance is additional personal liability insurance that provides coverage beyond standard policy limits. When policy limits fail to encompass all potential risks, umbrella insurance provides the needed protection. Umbrella policies can cover the policyholder and members of the policyholder’s family or household.
Who Needs Umbrella Insurance?
Anyone can benefit from umbrella insurance because it adds an additional layer of coverage to homeowner and auto insurance policies. Generally, those who benefit most from umbrella insurance face a higher level of risk than the average person. Additional risk can originate from:
- Owning property
- Renting out properties
- Employing household staff
- Hosting large parties
- Being a well-known public figure
- Owning trampolines, hot tubs, or pools
- Having a dog
These factors may make it more likely for an individual to get sued. Anyone getting injured on your property can lead to a lawsuit, and standard coverage limits may not cover all the legal costs. Rather than paying for legal expenses out of pocket, umbrella insurance can mitigate the risks.
What Does Umbrella Insurance Cover?
Umbrella coverage is a type of liability insurance, so it provides additional coverage that many property and auto insurance policies will compensate for. These coverages include:
- Bodily injury: An umbrella policy will compensate for injuries caused on the policyholder’s property or in an at-fault accident.
- Property damage: This coverage includes any damages or loss to another person’s property. An example is vehicle damage related to an auto accident that the policyholder caused.
- Landlord liability: If you own a rental unit and act as a landlord, umbrella insurance can cover you for costs related to your renters. For example, umbrella insurance will cover you if someone trips on a crack in your sidewalk, sustains an injury, and sues for damages.
- Legal liability: Umbrella insurance can compensate for various lawsuits, including slander, libel, false arrest and imprisonment, shock and mental anguish, and malicious prosecution.
What Are The Benefits of An Umbrella Insurance Policy?
Umbrella insurance offers comprehensive protection by expanding liability coverage for businesses. Its benefits include asset preservation, affordable protection, peace of mind for owners and protection against lawsuits.
How BMB Can Help
At Bowen, Miclette & Britt, our team is dedicated to building trusted relationships with every client. As a top 100 broker in the United States, our experience and knowledge allow us to develop reliable insurance strategies for clients with a range of risk mitigation requirements. When our clients can benefit from an umbrella insurance policy, we’re prepared to research possible coverages and identify options with competitive rates.
Our committed team offers ongoing support for insurance requirements to clarify concerns and adjust coverages as needs change. In addition to our attentive team, our service portal streamlines the client experience for ease and accessibility. Access information about coverages and request customer service within a single, user-friendly platform.
Contact Us About Personal and Business Umbrella Insurance
BMB offers knowledge, vision, accountability, and service in brokerage services to assist clients with risk mitigation. Our commitment to clients drives our team to support every insurance and financial goal. Contact our team today to learn more about umbrella insurance services.
