What is a Personal Umbrella?
A Personal Umbrella policy provides additional limits of liability above the limits on your homeowners, auto, recreational vehicle, motorcycle, rental property, or watercraft policies. It helps protect your assets, (home, savings, investments) and future earnings, in the event that you are sued and receive a judgement against you.
What are some scenarios where I would need one?
Lawsuits that exceed your underlying policy limits. Most commonly these involve:
- Dog bites – The average dog bite cost per claim in 2014 was $31,647, totaling to more than $479 million.
- Home Injuries – Ice, decking, and loose railings contribute to 19 million emergency room trips for visitors.
- Speed – In 2013, speed was the contributing factor in 29% of all fatalities and for 35% of all deaths age 15-24.
- Distracted Driving (are your kids texting?) – $129 Billion actual injury & fatality costs in 2014 in the US.
- Motorcycles – Over 2,800 crashes and 152 deaths in Michigan in 2020.
What is a Commercial Umbrella?
A commercial umbrella liability policy offers the same protection as a personal lines umbrella, only it covers your business and those policy exposures, mainly your business auto, general liability, and workers compensation coverages.
Commercial umbrella policies are rated based on various factors such as your receipts as a business, your payroll expense, number of commercially owned or used vehicles, as well as owned properties.
Umbrella Liability policies are available in increments of $1,000,000; and are not at all expensive. In fact, combining your umbrella with the same company that protects your home, vehicles, and or business, will save you additional money with an umbrella multi-policy discount. Contact us today for a quick quote to protect all that you work so hard for.