Reasons Why You Need Umbrella Coverage

​Availability of various insurance policies to protect you, your assets, and many other things is helpful. But even with numerous insurance plans, some expenses may still be too much to be covered by regular insurance policies. Umbrella insurance aids in reducing the cost of those extra expenses that exceed your current coverage. 

Excess insurance coverage, or additional coverage, is what umbrella insurance offers on top of the general liability coverage already included in your vehicle, property, and other insurance policies. It's used when healthcare expenses or repairs cost more than your standard coverage. 

This article will discuss some reasons to have umbrella insurance and its benefits.

1. You’re a Business Owner
   If you own a firm or sit on the management board, you could be sued if someone files a claim against your business for something like a work-related injury, sexual misconduct, or slander. Although most businesses have enough business insurance, it's good to have a backup plan with umbrella coverage whenever things go wrong.
   
   
2. You’re a Regular Driver
   You are more likely to be involved in an accident the more you drive. Similarly, you are more likely to be in an accident if you commute a long distance or often travel during peak traffic hours or other periods of heavy traffic. Accidents may increase your risk of being sued, and umbrella coverage may prevent this. 
   
   
3. You Own or Invest in a Property
   The likelihood of something unexpected happening on your property increases with the number of properties you have. There is also an increased risk if you enjoy entertaining neighbors and friends while you mingle socially. You can also be liable for negligence if your guests drive drunk after a party and cause harm to others.

 
Conclusion
There are a lot of policies available in the market, but having a backup plan is better than having none. Only some circumstances may be covered even when availing of many insurance plans. With umbrella coverage, you can rest assured that the likelihood and the cost of you being sued are reduced, especially in unexpected situations that are usually not covered by standard insurance policies.

At Insurance Marketplace Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (541) 779-0177. You can also request a free quote by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!