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Umbrella Insurance: What Do You Need to Consider?

umbrella insurance

With the end of the year quickly approaching, it is important to consider if your umbrella insurance limit is sufficient. General insurance doesn’t cover everything all of the time. That’s why you need umbrella insurance to cover what your general liability policy limits do not. 

What is Umbrella Insurance? 

If for some reason, you are sued for damage that exceeds the limits of your liability insurance, then that’s when umbrella insurance would come into play and help to cover the excess that you owe. 

Typically umbrella insurance covers: 

  • Injuries 
  • Damage to property 
  • Certain lawsuits 

What to Consider When Purchasing Umbrella Insurance? 

  1. You must have an additional policy before purchasing umbrella insurance. 
  2. Umbrella insurance doesn’t extend all policies, such as commercial property insurance. 
  3. There are limits, so you must make sure that your limit is sufficient for your business needs. 
  4. Umbrella insurance is typically sold in $1 million increments, so you are able to purchase according to your business needs. 

For a full article on what umbrella insurance is and how it could benefit your business, click here. 

To talk to one of our insurance experts on how much umbrella insurance coverage your business needs and how we can walk alongside you to accomplish your goals, reach out to us here.