Why you may need Umbrella Insurance Coverage
A rain umbrella protects you from getting wet, but doesn’t stop the raindrops from falling. Umbrella insurance is similar, it does not prevent disaster, but it can save you from the financial consequences. In our litigious society.
Accidents happen, when they do you may be held legally responsible for injury, damage to property and legal fees. These can quickly escalate to hundreds of thousands of dollars. Some examples are:
- While driving, you cause a serious accident.
- Your dog escapes and bites a neighbor, causing extensive medical costs.
- Your child’s friends are playing on your trampoline and one falls, suffering serious injury.
- You publish a newsletter on the Internet and wrongly accuse a state senator of a crime.
- Your drop a friend’s valuable antique, which shatters on your garage floor.
If you have assets, including retirement savings, college funds, home equity and other assets, you are at risk. An umbrella policy provides peace of mind as the premium you pay for protection is very low.
An accident with severe injury can result in substantial medical care, lost income and other expenses, sometimes taking years to determine the extent damage. Your business is responsible when coverage provided by your policies is not enough to meet the amount of a loss.. Umbrella Liability coverage can protect your business from bankruptcy and serious financial hardship by providing defense coverage and additional limits to pay large judgments.
Contact Cobb-Hall Insurance for solutions designed specifically to meet your needs.
Excerpts from: Insurance Publishing Plus, Inc. 2014