Umbrella insurance is an essential coverage to consider when purchasing insurance. It can help protect you in the event of a significant liability claim and provide peace of mind knowing that your assets are safe. Unfortunately, many people make mistakes with umbrella insurance due to a lack of understanding of how it works and why they should purchase it.

To help you make the right decisions with umbrella insurance, we at CG Insurance Agency will walk you through the top 3 mistakes people commonly make.

Umbrella Insurance: Top 3 Mistakes

Failing to Understand What Umbrella Insurance Covers

The first mistake is not understanding what umbrella insurance covers. While an umbrella policy can provide extra protection in case of a large liability claim, it does not cover everything. Most policies won’t cover intentional acts or illegal activities, such as fraud, and some may not cover certain types of business activities. It’s essential to understand the specific coverage details of your policy and make sure it will provide the protection you need for your Williamston, MI property needs.

Failing to Purchase Enough Coverage

The second mistake is not purchasing enough umbrella insurance coverage. Typically, umbrella policies offer one or two million dollars of protection. This may sound like a lot, but it can go quickly if you are held liable for more than one claim. It’s important to consider how much coverage is necessary to protect your assets in case of a significant liability claim.

Failing to Consider the Risks of Not Having Umbrella Insurance

The third mistake is failing to consider the risks of not having umbrella insurance. You could be exposed to a large liability claim without this coverage. In some cases, you may even find yourself facing litigation or struggling to pay legal costs. The financial protection provided by umbrella insurance can help prevent these scenarios if an accidental incident occurs.

Give Us A Call

At CG Insurance Agency, we understand how important it is to have the right umbrella insurance coverage for your specific needs. Our experienced agents are here to serve residents of the Williamston, MI area and help you determine which policy would suit your situation, and provide peace of mind knowing that you are covered in case of a significant liability claim. Contact us today to learn more about our umbrella insurance options and to get started on selecting the right policy for you.

An umbrella insurance policy is an important type of coverage to have in place if you’re at risk of being sued. This type of policy protects your assets beyond the limits of your regular auto or homeowners insurance since these policies vary widely and will only pay up to a specified maximum amount.

While it’s not always necessary to have this type of protection, there are several situations where having an umbrella policy makes good sense. CG Insurance Agency, serving the greater Williamston, MI community, is here to assist. 

When you should get an umbrella insurance policy

If you own substantial assets that could be damaged by a lawsuit or other claim against you.

For example, if someone falls on your property and suffers serious injuries, they may pursue legal action for damages related to their injury. An umbrella insurance policy can help protect your personal wealth from damage claims so that you don’t have to sell your home or other major assets to pay for the claims.

If you regularly drive expensive cars, own a boat, or are otherwise at risk of being sued due to owning and operating certain types of property.

For example, if you’re in an accident with another car that is driven by someone who isn’t carrying enough insurance coverage on their vehicle, your umbrella policy can help protect you from having to pay for damages out-of-pocket after your auto insurance has paid out its limits.

Contact Us Today

Umbrella insurance is important for anyone who owns significant assets and wants the peace of mind that comes with knowing those assets are protected. If you’re concerned about protecting yourself in the event of a lawsuit, it may be worth looking into purchasing an umbrella policy today. Give the CG Insurance Agency a call today. We proudly serve the Williamston, MI area.

At CG Insurance Agency in Williamston, MI, we get a lot of questions about umbrella insurance. Umbrella insurance is an important type of insurance to have, but it’s not required by law like auto or health insurance. So, why do you need it?

Here are four reasons to consider umbrella insurance:

Protects You From Lawsuits

If you’re ever sued for damages that exceed the coverage of your auto or home insurance policy, umbrella insurance will help pay for the costs of the lawsuit, including attorney’s fees, court costs, and any damages that you’re liable for. Without umbrella insurance, you could be left to pay these costs out of your own pocket. 

Offers Extra Protection for High-risk Activities

If you participate in activities that carry a higher risk of bodily injury or property damage, such as swimming, skiing, or skateboarding, umbrella insurance can offer additional protection in the event that you’re sued for damages. 

Cover Expenses Not Covered by Your Home or Auto Insurance Policy

Umbrella insurance can also cover certain expenses that aren’t included in your home or auto insurance policy, such as slander, libel, and false arrest. If you’re ever faced with one of these expenses, umbrella insurance can help you pay for them. 

Helps You Save on Home and Auto Insurance

Umbrella insurance can also help you save money on your home and auto insurance premiums. insurers often offer discounts to policyholders who carry umbrella insurance. 

Get Umbrella Insurance Now

At CG Insurance Agency in Williamston, MI, we always recommend umbrella insurance to our clients because it offers so many valuable benefits. If you have any questions about umbrella insurance or any other type of insurance policy, don’t hesitate to contact us today. We’d be more than happy to help you find the right policy for your needs.

Purchasing umbrella insurance is an excellent move if you have significant savings, assets, and income that you want to protect. However, it’s critical that you be careful when purchasing umbrella insurance not to make mistakes that can hurt you financially. Here are some typical mistakes people make with umbrella insurance that every resident of the greater Williamston, MI community, looking to purchase this policy should know. 

Common Mistakes People Make With Umbrella Insurance

1. Purchasing Way Too Much Coverage

What you don’t have can’t be taken from you. This means that even if it’s determined that you are liable for $3 million in damages, you don’t have to worry about losing much if your savings, assets, and income are way below that value. Many people usually make the mistake of purchasing millions of dollars worth of umbrella insurance, yet their net worth is below a million—this way too much coverage. At CG Insurance Agency, we advise that if your net worth is below a million dollars, only take a million dollars in umbrella coverage.

2. Purchasing Way Too Little Coverage

On the other hand, some people purchase way too little umbrella coverage. Let’s say you have $10 million in savings, assets, and income, and you only take a million dollars in umbrella coverage. This is way too little coverage, and it could lead to your investments, savings, and income being used to settle your liability. If you are a homeowner, you cant take the same amount of umbrella coverage as a renter since you have a valuable asset – your home – which can be seized to settle your liability. You need more umbrella coverage than a renter.

3. Overlooking Recreational Assets

When most people purchase umbrella insurance, they want to protect their homes, savings, investments, and other mainstream assets. However, they overlook recreational assets like their boats, motorbikes, and RV. This usually leads them to take way too less umbrella coverage, leaving their recreational assets at risk of being seized.

Contact CG Insurance Agency for umbrella insurance deals in Williamston, MI.

Think of umbrella insurance as an extra safety net that kicks into gear when your existing liability coverage on your insurance policies is exhausted. In short, an umbrella policy protects your existing assets and future assets from the cost of losing a lawsuit because of a vehicle accident, incident at your home, or any other third party liability claim. Many people assume that you have to be wealthy to need an umbrella policy, but this is not true because, even if you don’t have any assets, your wages could be garnished if you are sued and lose. 

Let’s look at an example. You are in an automobile accident that results in significant injury to another person and damage to a home. In total, the damages that you are responsible for are $500,000. Your auto insurance policy has liability coverage up to $300,000 which means that you need to come up with the extra $200,000. If you have an umbrella policy, then you will be in the clear because it will pick up the tab after your auto insurance runs out. However, without an umbrella policy, you’ll be on the hook to find a way to pay the remaining $200,000.

In addition to covering personal incidents that you are fault for, umbrella coverage is also extended to your dependent children, rental properties, and personal lawsuits arising from slander, libel, defamation of character, or false arrest. Be sure to check with your insurance provider for specific information on what your policy covers.

For more information, schedule a no-obligation consultation with CG Insurance Agency in Williamston, MI where our friendly and knowledgeable team will answer all your questions and customize a policy that best meets your needs. 

Also referred to as personal liability insurance, umbrella insurance cover is designed to help safeguard your assets and savings. If you’re sued for damages exceeding your boat insurance, homeowner’s insurance, or car insurance liability limits, umbrella insurance can cover what you owe. Unlike excess liability insurance that offers higher limits on your current liability coverage, an umbrella cover offers coverage that isn’t included in your insurance policy, like a false written statement or legal fees if you’re accused of slander.

Umbrella Insurance Coverage Options in Williamston, MI

If you take umbrella insurance from CG Insurance Agency, you and your family members can benefit from defamation, dog bite, and slander. Here’s a detailed overview of the umbrella insurance coverage options.

Accidents Caused By a Teenager

In the United States, motor vehicle accident is the second leading cause of death among teenagers (13 to 19 years). The liability costs caused by your car accident can rise significantly, especially if people with huge income sue for last wages or there are multiple cars involved. By taking umbrella insurance, it can increase your liability protection against such risks.

An Intoxicated Party Attendee

If you host a party in your home, you’re likely to have a guest who drinks too much and drives home intoxicated. If such an individual is involved in an accident, you may have to pay part of their expenses. The driver’s lawyer may argue that you could have taken their key or shouldn’t have overserved them alcohol. When you take umbrella insurance, it can help protect you against such issues.

Dog Bites

If you take your dog for a walk and another dog accidentally spooks him, and they end up in a fight, the other dog owner could be bitten as they try to separate the dogs. In cases where your dog bit first, you could be liable for pain and suffering, lost wages, and medical expenses. These are costs that your homeowner’s insurance cannot cover.

Get Your Umbrella Coverage Today!

As a Williamston, MI resident, you should get umbrella insurance coverage to protect yourself against expenses above your usual insurance policy limits. At CG Insurance Agency, we can help you get umbrella insurance coverage within a short time; contact us today to discuss further.  

Umbrella insurance is valuable insurance for any business to have. It can be beneficial to the individual policyholder as well, particularly if you have many valuable assets. Umbrella insurance is commonly referred to as excess liability insurance and is, as the name suggests, a type of liability insurance. The CG Insurance Agency serving the area of Williamston, MI would like you to know about three benefits of this type of policy.

Excess Legal Liability

Umbrella insurance is there to protect you from a deluge of liability when your standard liability provisions in your primary policies are exhausted. An umbrella insurance policy is precisely what it sounds like. It is additional or excess liability insurance providing cover over and above your standard policies.

Broader Coverage

An umbrella insurance policy correctly worded could provide broader liability coverage than your underlying policies. It may also cover gaps that your standard commercial liability policies cannot. This is normally accompanied by a self-insured retention amount that is payable before the policy comes into effect.

Peace of Mind

Umbrella insurance may provide greater peace of mind when it comes to liability. One of the best ways to plan for the unexpected is to purchase insurance. It may help prevent enormous financial loss that could destroy your business or your personal life if you are not sufficiently insured. Umbrella insurance on a personal level can apply beyond the liability provisions of your homeowners and automobile policies. And, from a commercial perspective, it can sit above your general liability and employers’ liability policies.

Don’t delay. If you think you are inadequately covered for liability, then contact the people at the CG Insurance agency serving the area of Williamston, MI today and ask them to help you assess your needs and liability coverage.

Liability risk is something that people all over the Williamston, MI area need to take seriously. Even people that are careful and diligent run the risk of causing an accident that could lead to a loss. To ensure you are protected against the risk of liability, having insurance is very important. One form of coverage to consider getting is umbrella insurance. This insurance can protect someone here in many ways. 

Protects Against Wider Range of Risks

One of the ways you can be protected with an umbrella insurance plan is that it can protect against a wider range of risks. There are a lot of risks that someone faces that could result in a liability claim. Many of these may not be covered by other insurance plans. With an umbrella plan, you are going to have broad protection that could cover virtually any liability risk.

Protects Against Significant Claims

You should also consider an umbrella insurance plan to protect against more significant claims. If you are a vehicle or property owner, you likely already have insurance plans that offer some liability protection. However, there is a chance that a claim could exceed your policy. If this occurs, the umbrella insurance plan will offer the protection needed to cover claims that are in excess of your other plans. 

If you want to get an umbrella insurance plan when you are in the Williamston, MI area, it would be wise to speak with someone that understands this type of coverage. As there are a lot of options to consider, it would be wise to call the CG Insurance Agency. As you speak with the CG Insurance Agency, you can receive the support that is needed to choose a plan that will properly protect your organization.