Protect Yourself And Your Business With Umbrella Insurance

Umbrella insurance works much the same way as an umbrella does when your raincoat just isn't cutting it. Whether you're an individual with regular home and auto insurance to protect your family, a landlord, or a business owner, umbrella insurance can provide extra coverage when you need it most.

Here's how umbrella insurance works.

What Exactly is Umbrella Insurance?¶

You may think you're protected if you have a comprehensive insurance policy for your home or car. The liability coverage on typical policies, however, is limited, and that's when umbrella insurance comes in handy. It is designed to kick in once the liability on your existing policies has been exhausted, or if you're facing a situation that isn't covered by your other liability policies. This could include false arrest, libel, and slander.

Is Umbrella Insurance an Option if I'm a Landlord?¶

Absolutely! Umbrella Insurance can help protect you against liability claims you might face as a landlord. This includes injuries sustained on the property by a tenant or one of their guests (for example, due to a broken stair), or if you're being held responsible for the actions of a tenant.

You may also want to consider the extra coverage if you have a vacant piece of land. For example, injuries sustained on the property (from children playing, for example) could result in an expensive lawsuit.

Can I Get Umbrella Insurance For My Business?¶

Commercial umbrella insurance can protect you if a lawsuit exceeds the amount of your primary liability coverage. As a business, facing a lawsuit is stressful enough. Not having the right coverage to cover the cost of the claims could be detrimental to the business, and your family, especially if you must pay the remaining cost out of your personal pocket.

What Else Can Umbrella Insurance Cover?¶

Umbrella Insurance can give you additional coverage should you be sued for a range of offences, including libel; slander; false arrest (as mentioned above), detention, or imprisonment; malicious prosecution; shock or mental anguish; and additional personal liability situations.

It can also protect you against bodily injury liability in the event someone has medical bills or liability claims for injuries for which you are at fault, as well as property damage liability.

All umbrellas serve a similar purpose, but since umbrellas come in all shapes, sizes and colours, it's important to select the umbrella that works best with your unique sense of style.  That’s why if you're ready to protect you, your family, and your business with additional umbrella coverage, call and talk to us at Palladium Insurance today (1-800-566-6314) or start the quote process byfilling out our online form.