Both personal and business endeavors necessitate comprehensive liability protection of umbrella insurance. At Anchor Insurance Agency LLP, we emphasize the importance of obtaining this type of secondary liability insurance while underlining the need for two distinct policies for individual and commercial protection.
Personal Umbrella Coverage: Extra Layer of Protection
An umbrella policy added to your personal insurance plan bolsters the existing liability protection. This additional layer of coverage forms a key element of any principal policy, including home, renter, auto, and boat insurance. Securing a personal umbrella policy, offering coverage upwards of a million dollars, is surprisingly affordable, costing only a small premium every month.
In the unfortunate event of an accident occurring on your property, for instance, an incident involving your trampoline or a guest slipping in your bathroom, the umbrella policy extends beyond the limits of your primary liability insurance. If your vehicle insurance is deemed as the primary policy and you are proven culpable for an accident, your policy will cover the settlement. Hence, should vast medical bills emerge, the umbrella policy will cover expenses exceeding the range of your vehicle insurance.
Umbrella Policy for Business: Comprehensive Liability Coverage
Businesses, like individuals, can invest in an umbrella policy. A company qualifies for umbrella coverage if it holds general liability insurance in its commercial insurance portfolio. Professional practitioners like doctors and nurses can also obtain umbrella coverage through their malpractice insurance. Umbrella coverage can prevent companies from dipping into profits or emergency funds to make settlements.
Contact Anchor Insurance Agency LLP to Know More about Umbrella Insurance
Reach out to us at Anchor Insurance Agency LLP for additional information on umbrella insurance and how it can benefit you personally and commercially in Plymouth, MN. Please note that two different umbrella insurance policies are necessary for individual and business protection.
