The Umbrella policy gets its name because its coverage goes ‘Over and above’ the limits of your regular policy. I’m sure your initial questions are ‘Why would I need that? Isn’t my current policy enough?’. They are good questions and the answer is that your current limits of insurance may not be enough in certain situations and that is exactly why an Umbrella policy could be crucial for you, to protect your business and your assets. If you are earning a good wage, you own recreational vehicles, properties or watercraft, maybe you have a swimming pool or trampoline on your property or you just like to travel abroad regularly then an Umbrella policy could be exactly what you need, even if you already carry insurance to cover these risks.
That sounds crazy, right? You already have insurance. You’ve been diligent in making sure you are protected if you should need it, so why do you need more insurance? The truth is that your lifestyle puts you at risk for being sued for large amounts of money should someone get injured on your property, injured using your belongings or if you damage the reputation of someone or their business. All insurance policies have their limits, and in the case of you being sued, these limits may be exhausted leaving you vulnerable and your assets exposed. An umbrella Liability policy provides an additional layer of security should you find yourself in this unfortunate situation and it also protects against libel, vandalism, slander and invasion of privacy. Umbrella Liability Policies can increase your coverage up to around $5 million, they are available for Worldwide-coverage (with added conditions) and often fill gaps in the coverage you already have.
Nobody wants to think about the worst-case scenario, but Umbrella Liability policies, like real umbrellas, are extremely useful when the rain does come. If you are concerned about potential exposures, or you are just not sure if this is something you need, then please do not hesitate to call us or to come into the office to speak with one of our insurance experts. We would be honoured to guide you through your options.