Umbrella insurance can protect your assets from financial ruin by covering costs that exceed the limits on other policies, as well as incidents not covered by standard homeowners and auto policies such as slander or libel suits.
Think of umbrella liability coverage as extra liability protection that extends beyond auto, home and boat policies. It’s relatively affordable when considering that assets (and future income streams) could be at stake.
Personal Liability
Have you seen headlines about multimillion-dollar judgments awarded in high-profile cases and found yourself questioning if an umbrella policy would provide peace of mind? Everyone faces the possibility of being sued for significant sums; having umbrella insurance provides peace of mind against draining retirement and savings accounts to pay out an unjust judgment or settlement amount.
Umbrella or excess liability coverage provides additional protection beyond that provided by standard home, auto, boat or personal watercraft policies. It provides coverage for costly claims that could quickly exhaust their limits under such policies.
Umbrella liability insurance provides legal protection from negligence-based damage or injury claims from activities you conduct negligently, such as engaging in reckless behaviors that harm others. Unfortunately, this coverage doesn’t extend to damage sustained through business-related activities which should instead be covered under commercial liability policies. Umbrella policies come in multimillion-dollar increments to protect assets against potentially expensive risks at an economical rate.
Though most homeowners and auto policies include some level of liability coverage, many individuals need more than the default limits available in these policies. An umbrella policy might be beneficial if you possess significant savings or assets, have inexperienced drivers in your household, rent out space within your home to tenants, have a pool or trampoline at home, host frequent parties, or are an influential public figure.
An umbrella policy can provide affordable protection for your family, assets and financial future. Speak with one of Travelers licensed insurance representatives today about whether this type of policy would make sense for you! Reach out to your independent agent now to explore all your options.
Commercial Liability
Commercial liability insurance is essential to business owners in order to safeguard themselves financially from claims against their business. Commonly referred to as a Commercial General Liability policy (CGL), commercial liability coverage helps pay for bodily injuries or property damages to third parties, legal expenses associated with copyright violations and false advertising.
Small business CGL policies generally cover up to $1,000,000 in any one incident, providing protection in case a customer slips and breaks their leg; but lawsuits over minor errors like advertising can quickly spiral out of control, with legal costs reaching into six figures in no time at all. A commercial umbrella policy can add extra layer of coverage of up to $2 Million above and beyond your CGL limit limits.
Umbrella policies typically require a self-insured retention of at least $10,000; this means you must cover any losses up to that amount before the commercial umbrella policy pays out. Speak with your agent about what type of coverage would best meet the needs of your business.
Travelers offers comprehensive business casualty solutions, from standard and specialty CGL policies, products completed operations insurance, railroad protective liability and pollution liability to business owner policies (BOPs), which offer both property and liability protection in one convenient policy.
Business insurance provides peace of mind. By having the appropriate types of protection in place, you can focus on growing your business without fear of potential lawsuits or financial catastrophes. Get in touch with Hylant today to discuss your needs, get a quote and secure yourself against future danger. As an independent agency that works for YOU rather than large national chains we’re here for YOU.
Landlord Liability
Homeowners find renting rooms or an entire floor out is an effective way to generate extra income, especially retirees, single parents and people living with disabilities. But renting can pose risks. Tenants could hold you liable for damage they cause as well as criminal acts; Landlord liability insurance provides protection in these instances.
Landlord liability coverage provides financial relief when third-party claims such as tenants or tradespersons claim damages on your property, as well as legal expenses to defend yourself up to the limits of the policy.
One of the primary purposes of landlord insurance is to protect yourself against injuries to tenants. If a guest trips and falls on an unsecured handrail, for example, and is injured as a result of it, they could hold you liable if they can prove that your maintenance service failed or that there were potential hazards on the premises that they failed to warn about.
Landlord insurance can also protect you against property damage that exceeds the scope of your standard landlord policy, for example if old wiring causes a fire that destroys your apartment building and leaves behind significant repair costs and judgments against you up to its limits. An umbrella policy could help cover these repairs as well as judgments made against you up until its limit.
Finding the appropriate insurance can be a difficult and time consuming process, but an independent insurance agent can make this task much simpler and quicker. They’ll review your situation, explain any unfamiliar terminology and compare policies from multiple carriers so that you get maximum protection available to you.
Recreational Activity Liability
Recreational activities often tread a fine line between fun and risk. Hobbies such as skydiving, ziplining, or taking a bungee jump offer an exhilarating and much-needed respite from daily life but come with risks attached. If your business offers these recreational activities to customers, having an Umbrella policy in place could give both peace of mind for customers while providing financial security should an accident occur.
Liability insurance is essential to protecting any business, such as an axe throwing facility owner or tour guide. Even one unfortunate event can financially cripple an enterprise, so ensure you’re properly covered. When renting inflatables or smash rooms for events from outside providers, make sure they provide evidence of coverage with at least $1M limits in place.
Special event insurance can be an essential asset to any sports or recreation organization’s portfolio. By protecting event organizers against liability claims arising from property damage claims from third-party property damage or advertising injury claims, special event coverage provides invaluable protection.
Many Homeowner’s and Personal Umbrella Policies exclude lawsuits brought by sports volunteers, leaving them vulnerable to costly litigation. This coverage protects individual volunteers as well as the sports league itself against lawsuits due to volunteering roles; regardless of individual assets.
XINSURANCE also offers protection from damage or theft of rental equipment used in outdoor recreation businesses through our TRU Umbrella solutions. For more information about this and other insurance products for recreational activities, contact one of our specialists now – providing coverage is not just about safety and security; it allows people to pursue their passions with confidence!
Auto Liability
Umbrella insurance offers those with significant assets or who engage in activities which increase the likelihood of lawsuits an extra layer of protection above and beyond what standard auto, home and boat policies cover. Umbrella policies can prevent you from having to liquidate savings, retirement funds or future income to cover a costly lawsuit judgement against them.
Umbrella insurance should be purchased after your home, car and boat policies’ liability limits have been exhausted, or for incidents not covered by them (for instance libel/slander suits brought against you due to social media posts). Premiums tend to be relatively affordable relative to potential payouts; additional policies are often not necessary in order to qualify – though certain minimum levels of auto or homeowners coverage may be mandatory prior to purchasing one.
Your need for umbrella coverage depends on the value and risk profile of your assets and liabilities, with mortgage and student loan debt excluded from net worth calculations. An umbrella policy should match or exceed this value; an extended legal battle over an unfounded claim could quickly drain bank accounts and undermine reputations.
Though you may think your risk doesn’t warrant umbrella coverage, it is still wise to regularly assess both yourself and the risks you face. Many factors could increase the need for umbrella policies such as having teenage drivers in the household or owning pets/pools/etc. If in doubt as to whether an umbrella policy is needed for you or not, consult an insurance professional who can discuss any concerns or coverage options available to you.
