Does umbrella insurance cover my business assets?

A lot of people in Mesa, AZ still don’t understand how they can use umbrella insurance to solve the various financial crises. Umbrella insurance offers an extra layer of financial protection and supplements your basic liability policies like home insurance and auto insurance. INW Insurance Group can help you know more about umbrella insurance.

How does umbrella insurance work?

Whether it is that lawsuit, that accident that you caused, or that business that was damaged and needs a financial boost; umbrella insurance is all the backup you need to get everything running smoothly. However, it is worth noting that umbrella insurance is not a primary policy and that it can only be applied in certain situations where your primary policy is inadequate. Here are a few scenarios where umbrella insurance can come in:

  • If you are found guilty in a lawsuit defamation
  • If your swimming pool floods and the water floods into your neighbor’s home, causing damages.
  • When your pet bites another person
  • When your child causes damage or injuries to another child
  • If someone falls and gets hurt when walking on your property
  • If you are involved in an accident where you are partially at fault

How can it cover my business assets?

Think of umbrella insurance as your financial backup. When a claim exceeds the primary policy’s limit, umbrella insurance can come in to fix the rest. When it comes to business, umbrella insurance may and may not be applied based on the situation. For example, if your property is damaged or your employees are injured due to one or several malpractices, umbrella insurance may not offer protection. The good news is that your business liability policies can take care of that.

Do you need umbrella insurance?

We all need an additional layer of protection in this litigious society. If you are looking to buy umbrella insurance, INW Insurance Group can help you find a policy that matches your needs. Feel free to pay us a visit in Mesa, AZ today!