Umbrella insurance can provide an extra layer of protection for your assets and income. It is designed to supplement your existing liability coverage, such as homeowner’s or auto insurance, providing additional limits over and above what those policies may offer. Here at AS Insurance Agency, we serve the Manchester, NH area with umbrella insurance solutions to ensure our clients have the protection they need.
How Does Umbrella Insurance Work?
Umbrella insurance policies provide an extra layer of financial security above and beyond what’s available in traditional liability coverage. It is designed for situations when a large claim occurs that exceeds the limits of your existing policy, such as auto or homeowners insurance. An umbrella policy can help cover legal fees, medical bills, and any settlements awarded by the courts. It can also provide coverage for incidents such as libel, slander, or false arrest.
Who Needs Umbrella Insurance?
When it comes to umbrella insurance, there is no one-size-fits-all solution. Everyone’s needs are different and should be discussed with an insurance professional.
Homeowners: Homeowners may need umbrella insurance if they live in an area prone to natural disasters or injuries, such as slips, falls, or flooding. If any of these incidents occur and a lawsuit is filed against the homeowner, their liability limits could be exceeded. In this case, an umbrella policy can provide extra coverage.
Business Owners: Business owners may need umbrella insurance if they face potential liabilities from their business activities, such as product recalls or faulty services. An umbrella policy can provide additional coverage for legal fees and other expenses that could arise from a lawsuit.
Renters or Landlords: Renters and landlords should consider an umbrella policy if they are exposed to liabilities such as property damage or a tenant injury. Even if a landlord’s standard policy provides sufficient coverage, an umbrella policy can provide additional protection for legal fees and settlements.
What Does Umbrella Insurance Cover?
Umbrella insurance provides coverage for three main types of liability: Bodily Injury Liability, Property Damage Liability, and Personal Liability.
Bodily Injury Liability provides coverage for medical expenses and other related costs if you are found legally responsible for an injury that another person suffered due to your negligence.
Property Damage Liability provides coverage for damage to another person’s property that was caused by your negligence.
Personal Liability covers non-bodily injury or property damages, such as libel and slander. It also provides additional limits over and above what traditional liability policies provide, protecting you from large claims and lawsuits.
Understanding how umbrella insurance works and what it covers can help you determine if this type of coverage is right for you or your business.
Reach Out To Us
If you are located in the Manchester NH area, contact us at AS Insurance Agency to learn more about our umbrella insurance solutions. We’ll provide a comprehensive review of your current policies and discuss the protection that umbrella insurance can provide.
