Umbrella Insurance
If you are a high-risk business, you might want to consider commercial umbrella insurance to provide cover when your business suffers a substantial financial loss. And if you are situated in Minnesota and its environs, you don't need to worry because you can pop in Insurance Lab to purchase this extra coverage for your business.
What exactly is umbrella insurance?
Umbrella insurance protects you from liabilities rising beyond your general liability, commercial auto insurance, and employer's liability insurance cover. Umbrella insurance provides coverage depending on where you add the cover. For instance, if you add it to general liability insurance, then it can cover medical expenses and legal claims that would arise if someone was injured on your premises.
Similarly, if you add it to your commercial auto insurance, umbrella insurance covers legal costs arising from damages caused by your commercial vehicle. In matters to do with your employees, adding umbrella insurance to your employer's liability insurance protects you from lawsuits emanating from work-related injuries.
Is umbrella insurance limited to businesses only?
The simple answer is no. Virtually everyone needs umbrella insurance. For instance, if you are a homeowner, yes, you might have home insurance, but it provides you with limited protection. If a guest slips and gets injured on your premises, you might find yourself incurring out-of-pocket expenses if they sue you for negligence.
Additionally, if you get into an accident-causing injury to another person, umbrella insurance comes at play even though you are at fault. Suppose your auto insurance cover is up to, let say, $250,000. If medical expenses from injuries caused to the other driver exceed this amount, what happens? What if the driver sues you? You might find your personal property at stake.
Fortunately, you can avoid the above by purchasing umbrella insurance, which covers you against risks that your typical insurance excludes.
What isn't covered by umbrella insurance?
While umbrella insurance provides you with extra protection, it excludes the below:
- Business losses
- Criminal or intentional actions
- Professional errors
- Where damages are within your typical policies
Now that you have seen that umbrella insurance is pivotal, it's time you purchased the cover for your business or personal purposes. The good news is that at Insurance Lab located in Minnesota, we offer customizable umbrella insurance to fit your needs. Please speak to our agents today to get started.
