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Insurance Agency Scottsdale, Arizona | What is Commercial Umbrella Insurance?

Nov 15

 

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Commercial insurance is insurance that is purchased by a company to protect the company from losses. Typically, this insurance is used for commercial property and commercial liability insurance. One of the most common misconceptions about umbrella insurance is that it protects against natural disasters such as hurricanes, earthquakes, or floods. In reality, umbrella insurance only helps with financial liabilities incurred because of lawsuits filed against your business. It doesn’t provide any protection from physical damage or any other type of claim made on your business’s assets.

What Does Umbrella Insurance Cover?

Umbrella insurance is a great resource for protecting yourself from financial ruin. When you have umbrella insurance, it’s an investment in your own comfort and security to have the protection against lawsuits, damages, or being liable for someone else’s accident where your assets could be at risk.An insurance agency in Scottsdale, Arizona can assist you with determining if umbrella insurance is right for you. Umbrella insurance may also be called excess liability insurance. So what exactly does umbrella insurance cover?

When you purchase umbrella insurance, it will cover the cost of your home and any existing mortgages if someone is injured or their property is damaged on your property or due to an accident for which you are responsible. The main benefit of purchasing umbrella insurance is that it may protect you from the unexpected if a serious accident or injury is caused by your actions.

To decide whether umbrella insurance is the right choice for your needs, an insurance agency in Scottsdale, Arizona can help explain any questions you have. For more information on umbrella insurance and what it covers, speak with an agent from an insurance company today.

Why do I need it?

Have you ever thought about the liability that you might face on a daily basis? Every time you drive your car to work, go shopping or take your kids to school, there’s a chance you could be held responsible if someone gets injured. Commercial umbrella insurance in Scottsdale, Arizona can help protect your assets and provide financial security for yourself and your family in the event you are involved in an accident and held responsible. An insurance agency can help you understand what type of policy makes the most sense for your specific situation.

Umbrella insurance provides a layer of protection over and above other policies you may have, such as auto or homeowners insurance. It helps cover the high cost of lawsuits, which often occur with injury or accident claims. It can also provide protection if you are held responsible for damage or injury to another person’s property, including rented property. This makes it an important policy to have if you own your own business, manage rental property, or have a home office where you conduct personal business.It would be helpful to think about some of the things that could possibly happen if you were held responsible for damages or injuries your actions might cause. Perhaps you didn’t see a sign and accidentally backed into someone’s car in the parking lot, or perhaps you slipped on the ice outside of rental property due to no fault of your own.

How does it work?

Commercial Umbrella Insurance is liability insurance that sits on top of the coverage provided by your homeowners and auto policies. Its purpose is to protect you from claims and lawsuits that exceed the limits on those other policies. It’s an especially good idea if you hold a lot of assets or operate a business that could result in large liabilities like professional services. An insurance agency in Scottsdale, Arizona can help you determine how much umbrella insurance you need and what the best terms for your particular situation are. Umbrella insurance is usually very affordable.Commercial umbrella insurance can provide valuable peace of mind for both business owners and homeowners in Scottsdale, Arizona that hold valuable property.

 

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An insurance agency in Scottsdale, Arizona can help you determine how much umbrella insurance you need and what the best terms for your particular situation are. Umbrella insurance is usually very affordable.If you have a business or valuable assets, it’s especially important to look into commercial umbrella insurance in Scottsdale, Arizona. If you are sued, umbrella coverage can protect against serious financial consequences by providing extra liability protection over and above the limits on your other policies. This can be an immense relief if you find yourself in a tough position because it will help prevent you from paying damages and legal fees with your own money. When you consider that this insurance usually costs only a few hundred dollars, even small businesses and people with valuable assets should strongly consider getting it.

Who needs to have it?

Many working individuals need to have commercial umbrella insurance. This is especially true if you are more than just an employee of a company, whether that be the case because you own your own small business or work for someone else’s. Many people must acquire some form of umbrella insurance in order to fulfill their liability needs. Umbrella insurance is not only important if you are the owner of a company, but also for employees as well.

If you work as an employee, umbrella insurance will protect you from certain liabilities that may occur during the course of your employment. These types of lawsuits can come in many different forms such as discrimination claims, sexual harassment claims, and wrongful termination claims. These are not the only types of lawsuits that may be brought against employees, but they are among some of the most common.

If you own your own business, umbrella insurance will protect against liability claims made by your business clients, customers, or other operations that your business participates in with other businesses. For example, if your business participates in, or is involved in, any type of joint venture with another business, umbrella insurance will help protect you from liability that is assumed when participating in these ventures. Most importantly, it can also help protect against any claims made by your employees.

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What are the benefits of having commercial umbrella insurance?

An insurance agency offers umbrella insurance plans to their clients, which are designed to cover them in events where their current plan falls short. This additional protection is available after an individual’s homeowner coverage and/or auto insurance policies are maxed out. It can also be added on top of group or association health plans.In Scottsdale, AZ commercial umbrella insurance is an affordable way to protect your assets from lawsuits. If you find yourself in a sticky situation where legal action is necessary to solve a problem, this policy will ensure that your financial obligations are met. In the event of a court ruling against you,  the umbrella policy can assist with the additional expenses not covered by your homeowner’s insurance, auto insurance, or other policies.

This extra layer of protection can help to protect your hard-earned assets including your home, car, and other property. Your spouse and children may also be covered under this plan if they live with you.The commercial umbrella insurance plan also serves to protect you from any high-stakes civil suits. This type of policy will cover your legal fees up to the limit of your coverage. It may also compensate you for any damages which result in a loss, including court fees and other associated legal costs.

This policy is definitely something worth looking into especially if you are an entrepreneur or business owner. You should have peace of mind that all your financial obligations are met should the need arise, whether it be for yourself or your business. A professional insurance agency can advise you on this topic as well as others, providing customized plans to fit around your specific needs.

Is this a good idea for my business?

Commercial umbrella insurance is a policy that can attach to your regular commercial insurance plan.  As the name suggests, it provides extra protection above and beyond what you are already getting from your main policy.  If there are any legal costs or lawsuits involved in resolving claims on your standard insurance, this will help cover them with the minimal added expense to yourself. As with all business insurance, buyer beware; make sure you get exactly what you need for an appropriate cost before committing to anything. Also be sure to review your current plans regularly – if circumstances change (or if they haven’t changed but should have), make sure adjustments are made.

When purchasing an umbrella insurance policy, keep in mind that occasional changes may need to be made to your standard commercial insurance policies.  It’s not that the umbrella policy wasn’t worth it – it may just require adjustments to your other plans to prevent duplicating coverage.

Before you purchase any type of insurance plan, always do your research and check out all available options.  Never commit until you find a policy that covers what you need for an appropriate cost, and never buy anything without reading the fine print so there are no unpleasant surprises along the way. Another valuable consideration is how long you will need this insurance before moving on to something else.  Many people secure an umbrella cover for 7 years or more because they cover a significant part of their business risk during this time period – but once again, be sure to consider how long you really need it before committing to anything.