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How Does an Umbrella Policy Add an Extra Layer of Protection?

How Does an Umbrella Policy Add an Extra Layer of Protection? How Does an Umbrella Policy Add an Extra Layer of Protection?

Oct 13, 2021

Special Insurance

It's hard to determine how much insurance you need when protecting your home or business investment. While your insurance agent can help you figure out a good place to start, no one can predict the future or what type of events will occur that will require you to tap into your various insurance policies. For example, it can be challenging to predict the amount you will have to pay out if someone is injured while visiting your property. Therefore, having an umbrella policy can be highly beneficial as it adds an extra layer of protection.

Ideal for Providing Added Protection for Both Homes and Businesses

One thing to remember is that umbrella policies can benefit both your home and your business. Liability coverage pays for property damage and medical expenses that may be incurred if someone is severely injured. With the rising cost of healthcare, a person's medical expenses will add up quickly and may exceed the limits of your traditional homeowners' or business insurance policies. Umbrella policies can be used as supplemental insurance for both homeowners and commercial policies. It will provide you with the additional coverage you need if a claim exceeds a policy's limits.

Picks Up Where Other Policies Stop Providing Coverage

Umbrella policies extend your level of coverage so that if your general policy's limits are ever exceeded, you still have additional coverage to draw from. Insurance claims result in unexpected expenses that can destroy your financial stability if you are not sufficiently prepared to cope with them. Since an umbrella policy picks up where your other policies leave, you will have the coverage you need to continue moving forward with your business or keep your home and family financially secure. Typically, umbrella insurance policies are available in increments of 1 million dollars. While determining your required limit, you need to weigh your individual or business needs against your exposures.

It Gives You Peace of Mind and Protects from Financial Damages

In addition to financial security, an umbrella policy will also give you the peace of mind you need to handle your business and personal affairs. Minor claims can be frustrating. When they are filed against you, and they go over your financial caps that are in place, it can lead to financial ruin. Purchasing an umbrella policy can be the bonus that keeps your business functioning and your home secure amid a financial disaster. For some persons, peace of mind is only achieved when every avenue has been considered. With an umbrella policy at your disposal, all of your avenues are secured and fully protected.

When it's time to evaluate your insurance needs for both your home and your business, you will want to have a reputable team of professionals at your disposal. Contact our insurance experts at the Scavone Insurance Agency Center LLC at your earliest convenience. We can analyze your existing coverage and figure out what your risk potential is. Once that is established, we can offer you an umbrella policy that will provide you adequate financial protection. Call our insurance professionals today to discuss your options!

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