What Is an Umbrella Policy?

Posted September 1 2021

Father splashing water and having fun with son on back yardDid you know? Years and years of hard work, saving, and planning can be gone in an instant. All because you were involved in an accident, or someone injured themselves in your home or on your property. Accidents can happen anywhere, anytime, and are never expected, but what if I were to tell you that you could protect yourself, your business, and/or your family at an extremely affordable rate? There’s no reason to go through life worrying about when or where an accident is going to happen. Purchasing an Umbrella policy can help give you peace of mind when protecting your assets.

What Is an Umbrella Policy?

Just like the name says, an Umbrella policy provides an excess layer of liability protection. It typically extends over your current auto and homeowner’s policies to provide a higher level of coverage when needed. The Umbrella policy is triggered when the underlying limits on your auto or homeowner’s policy have been exhausted. In some cases, an Umbrella policy may provide coverage for losses that are not covered by a typical auto or homeowner’s policy. It is important to work with a knowledgeable insurance agent to be sure you have the correct policies in place for your situation.

More Coverage

If you own a business, you may wonder if this type of policy is available to protect your company in the event of a liability claim. There are times when your business or company will need Excess Liability coverage. You may have a business contract with a company that requires you to have more coverage than your General Liability policy can offer. Rather than increasing your General Liability limits, many times you can get an Excess Liability policy to cover the contract requirement. It can be more cost effective to purchase an Excess Liability policy rather than increasing the policy limits on the General Liability policy.

You Have A LOT to Protect

It’s not uncommon for someone to be involved in an accident and immediately look to sue. All it can take is for someone to slip and fall while walking on your property. If that should ever happen, it could threaten your financial security.

If you are looking for protection for your personal assets or your business and would like more information about Umbrella policies, MHG Insurance would be happy to assist you. Also, if you are looking to purchase other various forms of insurance such as General Liability or Professional Liability, our insurance specialists have the experience to assist your business and offer advice in finding the perfect plan to fit all of its needs. Contact MHG Insurance today at +1 954-828-1819 or +44 (0) 1624 678668 or visit us online at mhginsurance.com.