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.
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.