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An Umbrella insurance policy will cover you if you are liable for considerable damage beyond what most insurance policies will cover. For instance, if someone is injured on your property, you could be liable for medical bills and other costs that could reach millions of dollars. A slip and fall could wipe out your retirement savings. Contact Agency Advantage Insurance in West Bloomfield, MI to get a complete rundown of what an umbrella policy would cover.
Understanding Umbrella Insurance
A slip and fall is perhaps the most common reason people get sued, but there could be many other situations where you could be sued and be held liable for millions of dollars. An Umbrella policy will cover basically anything that causes significant harm to different people.
There are policies for businesses and individuals. General and professional liability are covered. Worker’s Comp, business interruptions, and cyberattacks are just a few things a business policy would cover. Landlord liability is another business-related situation where an umbrella policy could be needed.
Legal fees can also be covered under such a policy if you are taken to court. Slander and Libel cases could also result in big damages and an umbrella policy would protect you there. Automobile accidents are another big area where you could suffer significant losses if you are held liable for a serious accident.
An umbrella policy covers you if you are held liable for just about anything and is beyond regular insurance’s limits. The policies are not very expensive because they are rarely needed. If you have significant assets, it is an excellent idea to protect them with an umbrella insurance policy.
Visit or call the Agency Advantage Insurance agency today in West Bloomfield, MI, to get all your questions answered about liability coverage and a possible umbrella policy to ensure you have the protection you need.
