What Is Umbrella Insurance?
An umbrella insurance policy provides additional protection beyond the coverage limits of your existing policies. The policy also provides for claims that may not be included in your liability policies. Umbrella insurance provides coverage for injuries, property damage, certain lawsuits, and personal liability situations.
Here are some instances when having umbrella insurance will save you from significant financial losses.
#1 Your teenaged driver is involved in an accident.
You have a higher chance of dealing with car crashes if you have a teenager. In case your auto policy does not completely cover damages caused by an accident in which your teenager is involved, an umbrella insurance policy can help cover the excess.
#2 You are sued for slander.
If you are a big talker who often gets into trouble while talking, then you will undoubtedly benefit from an umbrella insurance policy. You can relax knowing that you have coverage should any lawsuit be filed against you due to something you said.
#3 You hold parties with alcoholic beverages.
Your guest might not realize how drunk they are when they choose to drive home after attending your party. Umbrella insurance can help cover any damages incurred during an accident caused by their driving. This way, you can rest assured knowing that your friends and family are better protected.
#4 You have a swimming pool or a trampoline.
You are responsible for whatever happens in your swimming pool. An umbrella insurance policy will ensure that you are protected if any unfortunate accidents occur in your pool.
This can also apply to trampolines. Trampoline accidents are not unusual. If you own a trampoline for your children, you should have umbrella insurance to cover injuries they may sustain from a trampoline accident. Also, you will not have to worry about the extra medical cost if someone else sustains an injury from the trampoline.
#5 You coach a young sports team.
As a coach for a young sports team, you are responsible for the well-being of your team members. If any team member sustains an injury on your watch, you may have to pay for that person’s medical bills. You are also at risk of getting sued by their parents. An umbrella insurance policy would cover all medical expenses and cover all court fees in case of a lawsuit.
#6 Your pet bites someone.
Your sweet and cheerful dog may not always be in the best of moods. If you are in public with your dog and it gets in a fight with another dog or attacks a complete stranger, you are obligated to pay for the medical bill of all those who were injured in the incident. You may also be sued for pain and suffering. The only insurance policy that can cover this kind of unforeseen occurrence is umbrella insurance.
#7 You are sued by your domestic help.
You could get sued by your domestic help for inappropriate behavior, delayed payment of wages, or for other reasons. An umbrella insurance policy can help cover the costs of legal protection in such cases.
#8 You are sued for negligent professional behavior.
You need umbrella insurance if you are on a non-profit board. The reason is that a beneficiary of your services might decide to sue you for negligence or inappropriate behavior. If the entire board gets sued, the expenses may be handled by the board’s insurance. However, if you are individually sued, your umbrella insurance will cover your lawyer’s fees and other related expenses.
At Jack Stone Insurance Agency, we can help you find the most suitable umbrella insurance policy to meet your unique coverage needs. We serve Antioch, Brentwood, and surrounding cities in California. Contact us today to get started!