Umbrella and Excess Liability coverage
If you have been wondering about umbrella insurance, you are not alone. Adding additional liability coverage is important for high value households as not only their current assets come into play during a lawsuit, but future earnings ability can be a consideration.
An umbrella, or excess liability policy is a cost-effective way to increase liability coverage for a number of risks. Umbrella insurance is a separate policy that stacks on top of the underlying policies such as auto and home insurance coverage. It comes into play for property and bodily injury claims. For instance, if you were in a car accident which incurred damages and injuries which surpassed your auto policy coverage limits, then the umbrella policy would kick in and cover the additional expenses up to the umbrella policies limits.
Why Would I Need Umbrella Insurance in Missouri?
A common misconception is that an umbrella policy covers all aspects of your life and that is not true. Coverage is divided along the lines of; personal umbrella's cover personal insurance risks, a commercial umbrella covers your business risks, and the commercial umbrella does not cover your professional liability (medical malpractice) risks. You will also find that one carriers umbrella policy may not cover another carriers policy. For example a client with auto, home, and umbrella coverage through Nationwide Insurance may find that the Nationwide Insurance umbrella does not cover their motorcycle policy through Progressive Insurance. Working with our clients and carriers is key to finding comprehensive bundled, yet economical options for coverage needs.
Where should you start?
Insurance policies have many endorsements (coverage options) that allow you to tailor the policy to fit your needs whether you are a resident, managing a multi-location healthcare system, or enjoying a relaxing retirement. Choosing options can have a large impact on rates and certainly a large impact on what is paid in a claims situation.
Insurance is easy to buy, sometimes too easy and details are missed. The time spent with your agent to assess your risks and choose coverage options is the key to a good claims experience and healthy ongoing balance sheet.
Contact us at Medinsure Group to find out more by calling us 877-403-8584 or scheduling an appointment wth one of our team members here
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