Umbrella Insurance

Protection From the Unexpected

What is Umbrella Insurance?

The main purpose of your umbrella policy is to protect your assets from an unforeseen event, such as a tragic accident in which you are held responsible for damages or bodily injuries. If another party files a lawsuit against you, your umbrella coverage will pay for the damages you’re legally responsible for up to the policy limit.

Does Umbrella Insurance Cover Professional Liability?

A professional liability or business umbrella policy only provides liability supplements to existing business liability policies. A business umbrella policy differs from a personal umbrella policy because it focuses on specific liabilities businesses face, such as “errors and omissions,” meaning advice or consultation that results in a loss for the client.

Is Umbrella Insurance Tax Deductible?

If you have a personal umbrella policy, your premiums are not typically tax deductible.

If you own a business and have an umbrella policy that supplements your other business liability policies, your premiums may be tax deductible.

Should Landlords Have Umbrella Insurance?

If you have a substantial amount of personal net worth, you may want to invest in umbrella insurance to protect yourself. Make sure you find the right coverage by consulting with a member agent in the Trusted Choice network. Independent agents can customize your coverage for your unique needs.

Does Umbrella Insurance Cover Professional Liability?

A professional liability or business umbrella policy only provides liability supplements to existing business liability policies. A business umbrella policy differs from a personal umbrella policy because it focuses on specific liabilities businesses face, such as “errors and omissions,” meaning advice or consultation that results in a loss for the client.

What Does Umbrella Insurance Cover?

An umbrella policy provides additional coverage or “excess liability” above the limits of your basic policies. It can protect you from bodily injury liability claims and property damage liability claims. Umbrella policies also provide a broader form of coverage and can help cover legal fees, false arrest, libel, and slander.

Because the personal umbrella policy goes into effect after the underlying coverage is exhausted, there are certain limits that usually must be met in order to purchase this coverage.

Why Is Umbrella Insurance Important?

Your car, house, investments and retirement accounts, as well as your normal checking and savings accounts and even future income, are all considered assets. It is important to know that if you are sued for a lot of money and do not have enough liability insurance or an umbrella policy to cover those costs, all of your assets are exposed. People typically choose to buy an umbrella policy because they want to prevent the possibility of financial ruin due to one misstep or unforeseen accident. Umbrella insurance can provide the protection to prevent such an outcome.

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