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Umbrella Policy

Umbrella Insurance Policy

 

When it is raining outside, a person may decide to grab an umbrella. The umbrella will keep them from getting wet. If a person is using a small umbrella, they may not get the protection they want. When this happens instead of getting wet, they will turn to a bigger umbrella.

People have insurance to protect them in the event that they have an accident that costs them money. The insurance policy will provide compensation to the person that will hopefully cover their damages. If the person needs more money, they may have to opt for a larger insurance policy. Just like when it rains, an umbrella insurance policy can provide the extra insurance that a person needs.

The Umbrella policy is an additional liability insurance that provides protection above and beyond other insurance policies. These policies will protect individuals and business from any losses due to the limitations of other policies they may have in place.

Benefits

In order to understand why a person would think about getting this type of policy, they need to understand the benefits that are offered. If a person has a cheap auto insurance policy that pays them a maximum of $100,000 in medical expenses, but their hospital bills total $250,000 as the result of an accident, the umbrella policy will pay the additional $150,000. The policy can also pay for legal fees if the claim has to go to court.

Types of policies

The policies fall into two categories, business and individual. Individuals will purchase umbrella coverage for the things they insure such as their home, car or RV. They can get an auto insurance quote that includes the umbrella policy from the same companies.

Business will purchase umbrella policies for general liability and employee liability. These will not cover the business if they give advice or recommendations that injure someone else. In order to get that coverage, a business will have to purchase other specific types of insurance called error & omissions and professional liability insurance.

Getting the insurance

Fortunately, it is not difficult to get umbrella policies. Just like finding cheap car insurance, the key is to shop around. Every company will offer different quotes based upon the criteria that they use. The will base their rates on the risk that they are going to assume. The larger the umbrella policy, the bigger the risk. A person that is familiar with how to get an auto insurance quote will not have a problem with this process.

In order to start looking, you need to examine the insurance that you already have in place. Find out how much they will cover in the event of a claim and what the maximum amounts that they will pay out. If these amounts do not seem like they are enough, start to think about how much you will need. This is up to each individual to decide although a professional can help with determining a person’s needs.

Once you have figured out what extra protection you need, you can find out how much it will cost. Most companies that offer other types of insurance will also offer these umbrella policies. All you have to do is find the right one.

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Or speak directly with an agent at Insurance Medics, call now at 1 (866) 396-9140. Our customer enrollment center is open Monday through Friday from 9:00AM to 6:00PM EST and Saturday from 10:00AM to 2:00PM. We look forward to answering all your questions and having you as a customer.