Understanding the Need for Umbrella Insurance

Have you ever wondered what umbrella insurance is and whether or not you need it? With all the other types of Princeton insurance options, is umbrella insurance really needed? If you are a savvy business owner who wants to take advantage of all available means to protect yourself financially, here are some things you should know about the oft-overlooked but immensely helpful umbrella insurance policy.

Standard Insurance Policies Leave Some Gaps

You need only talk to an insurance agent to feel like your head is swimming with all the different insurance policy options out there. From general liability to worker’s compensation and everything in-between, choosing the right coverage for your needs can feel a bit like racing through a maze. While each different type of insurance policy is important and covers a specific need, they can’t possibly cover everything. As a result, most policies always have some gaps in coverage. That is where umbrella insurance comes in.

How Does It Work?

If you purchase an umbrella insurance policy, you will hopefully never need to use it. However, if you have the unfortunate luck of facing a multi-million-dollar lawsuit that your standard insurance policies are unable to sufficiently cover, your umbrella insurance policy will then come into effect. In short, once your other policies have been exhausted, your umbrella policy will step in and save the day. Umbrella insurance covers many different types of liability, including:

  • Liquor law
  • Personal injury
  • Vehicle damage
  • Contractual issues

If your company does not currently have an umbrella insurance policy, call a trusted insurance agent right away and make sure you purchase this important type of Princeton insurance for your business.

Categories: Insurance
This post was written by , posted on July 21, 2015 Tuesday at 12:30 pm

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