If you’re familiar with how insurance protects you, you know how important it is to have plenty of liability coverage. Most people with home and auto insurance policies believe they have plenty of liability coverage, but this might not be the case. Many home and auto policies have little liability coverage, leaving you vulnerable after a severe accident. When you want more liability coverage, umbrella insurance can provide it. Call us at Central Lakes Insurance Brokers in Edina, MN to find out more.

Add to Your Other Policies

Umbrella insurance works a little differently from most insurance policies. It adds extra liability insurance to both your auto and home policies at the same time. It boosts the liability of both so that you are better covered in the event of an accident. It’s common for people with little liability coverage not to have enough insurance to cover the medical bills and other expenses that are due after an accident. When this happens, it leaves an overage for the policyholder to pay independently. But when you have umbrella insurance, you have more liability coverage, and that policy will pay for that overage. 

Reaching Coverage Maximums

Once an accident happens, your home or auto policy, whichever covers the accident, comes in and pays as much as it can toward that accident. However, it can only pay up until its maximum coverage. This won’t be extremely high if you don’t have much liability insurance. After that, your umbrella policy can pay the rest owed. Umbrella policies have high maximum payouts. 

Get Your Umbrella Insurance

An umbrella policy may be right for you if you want more liability coverage. Call us today at Central Lakes Insurance Brokers in Edina, MN.

Umbrella insurance is the safety net you run to when your typical liability coverages run out. Umbrella insurance helps you or your business survive when faced with significant liability claims. While umbrella insurance is vital, you are likely to come across misinformation that may crowd your judgment when shopping for coverage. Thankfully, Central Lakes Insurance Brokers of Edina, MN is here to help you avoid common myths about umbrella insurance.

Myth#1: Umbrella insurance is a stand-alone policy

Umbrella insurance isn’t offered as an individual policy. It rides on existing coverages like home, boat, business, or auto insurance. Simply said, umbrella insurance is a rider/endorsement that enhances an existing coverage.

Myth#2: Umbrella insurance is for the wealthy only

You might have heard someone say that umbrella insurance is for the rich and famous only. This preconceived notion is partly true. While umbrella insurance protects individuals with significant assets, umbrella insurance is suitable for anyone earning a livelihood.

We live in a litigious society. And since anyone can be sued, umbrella insurance becomes a must to protect you from significant claims that can wipe out your assets and future earnings.

Myth#3: Umbrella insurance is too expensive

Another myth peddled around is that umbrella insurance is out of reach for most people. Fact check: A research done by Insurance Information Institute shows that it will cost you less than a cup of coffee per day for an umbrella policy of $1,000,000!

Is this too much a cost to protect your assets?

Myth#4: I already have home or auto insurance. I don’t need more coverage

While home or auto insurance is pivotal, it doesn’t protect you when faced with significant claims. Suppose your car insurance has liability coverage of $300,000. If you cause a severe accident, liability claims can exceed $500,000 and counting. Without umbrella insurance, your personal assets could be in jeopardy.

Buy umbrella insurance today!

Read the news today, and you will come across information about someone losing their assets due to expensive lawsuits. The good news is that you can avoid going this route by buying insurance from Central Lakes Insurance Brokers serving Edina, MN and its environs. Contact us today for an affordable quote.

Central Lakes Insurance Brokers assists the Edina, MN community, as well as the surrounding areas by helping people find insurance coverage. As an independent insurance agency, we have established partnerships with multiple carriers, allowing us to meet the needs of our clients regardless of their situation.

Understanding Umbrella Insurance

Umbrella insurance gives you additional liability coverage so that you have an extra layer of protection.

Is Umbrella Insurance Beneficial For Small Business Owners

Small business owners should consider adding an umbrella insurance policy in order to protect their assets and cover their potential future earnings. As a small business owner, umbrella insurance can assist you during a liability issue. In the unfortunate event that someone gets seriously injured at the site of your business, having that extra protection in the form of umbrella insurance can be a real asset.

Umbrella insurance can also add extra protection to your business’s vehicles. The policy can protect you if your vehicle starts having engine issues or if the vehicle is stolen or totaled in an accident. Adding umbrella insurance to your workers compensation coverage will allow your business to stay protected if some of your employees get injured. In some cases, having umbrella insurance protects you when you have to travel out of town to conduct business.

As you research different policies, analyze the size of your business. If your employees are taking fairly high risks that may lead to injury one day, you may need umbrella insurance. However, it is important to remember that umbrella insurance acts best as an additional coverage alongside another policy. Do not neglect other forms of liability insurance.

Stop By Central Lakes Insurance Brokers

For more information on different umbrella insurance policies, stop by our office in Edina, MN. We can help you find the right policy to protect the future of your business.

Umbrella insurance is a unique insurance product that pops up just when you need it – like an umbrella. It is not for everyone and a professional broker is the best person to speak with about whether you should have umbrella insurance connected to your standard insurance policies. There is no one answer to the titular question.

Umbrella insurance becomes active at certain levels of liability. In the event that your liability has surpassed your standard insurance limit  – meaning you are responsible for an amount that exceeds your standard insurance level.

This is an illustration: your standard insurance covers up to a certain amount for an accident that may have occurred in front of your business. The individual has received an award for an amount that exceeds the amount set by your standard insurance. Your umbrella insurance will cover the amount over the standard insurance level .

Umbrella insurance can attach to other insurance products as well. It is essential to speak with a professional so that they can let you know whether your particular situation dictates the necessity for this particular type of insurance product. There are various factors involved such as the type of businesses you own, (if any), Certain professions incur more liability than others. You must also discuss with your broker the levels of the standard policy.   

We look forward to helping you today to learn how we can craft the best umbrella policy for you.   

Contact one of our bright and knowledgeable insurance agents today by calling us or coming by our office in Edina, MN 55435. Not only can we help you with umbrella insurance we can also help you with your: auto insurance, home, commercial, boat/watercraft, life, health, recreational, renters, umbrella, and renters insurance. The brokers at Central Lakes Insurance Brokers are here to help. 

Umbrella insurance in Brainerd, MN is useful for a high net worth individual or business to extend the coverage limit of certain insurance programs. It may commonly be applied to homeowners insurance or auto insurance in the case of high-value items or significant wrecks. If you are shopping around for umbrella insurance, check out Central Lakes Insurance Brokers.

What Umbrella Insurance May Cover:

•     Injury – Bodily or personal injury or your liability for others that may be injured on your property.
•     Damage to your property – Damage from accidents may have your covered property with costly repairs or replacement items.
•     Judgments – The amount you need to pay from a lawsuit exceeds your coverage.

Umbrella Insurance Doesn’t Cover Everything

There are typical exceptions to umbrella insurance plans, but it depends on the insurance company that you’re working with. If you cause damage to your own property, like from renovations or self-repair, your insurance company may deny a claim. If you negligently cause damage to a neighbor’s property, this instance likely won’t be covered either.

Lost profit in your business is another thing commonly omitted. If an accident or lawsuit puts your business on hold, profit may be lost yet this insurance policy is not the type of protection that will make up for it.

If your property is harmed from theft or vandalism, that is another thing that umbrella insurance may not extend to. It will also not likely cover damages if you intentionally cause harm to another’s property.

Contact us

While basic insurance plans may be adequate coverage for some users, umbrella insurance may fill the gap for others in Brainerd, MN. To get a plan that fits your coverage needs, consider checking out Central Lakes Insurance Brokers.