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Like the name implies umbrella insurance is a type of “area” protection for your other liability policies. Umbrella insurance generally provides additional protection if a judgment against you for an existing liability policy is insufficient. Umbrella insurance can also deliver additional protection for claims of libel and slander that are not covered by your existing insurance protection.
Personal Umbrella insurance often works once your standard liability protection is exhausted but can protect you from certain financial disaster in the event a judgment against you exceeds the limits of your underlying coverage for the following types of insurance:
Commercial Umbrella liability coverage works a little differently in that it only extends the coverage of certain types of liability products and isn’t universal. For instance, umbrella liability insurance will extend coverage for:
It does not, however, extend coverage for errors and omissions (E&O) also referred to as professional liability insurance.
The truth is, we live in a litigious society and liability judgements are increasing. Umbrella insurance helps to protect you from the financial fallout of excessive legal expenses or large judgments against you.
Varadas Insurance Group is here to help you make an informed decision about your umbrella insurance needs.