Life is full of unexpected consequences. When deciding to sign up for personal or business insurance plans, these consequences, like car accidents or employee injuries, are considered on a minimal level. Are you prepared for more catastrophic accidents? Preparing a single policy like car insurance or homeowners insurance simply isn’t enough sometimes. When the dreadfully unexpected becomes a reality, umbrella insurance can save your business or family from suffering devastation financially after a large-scale accident.
Umbrella insurance provides broader coverage than one or more primary policies would; umbrella insurance isn’t specific to one type of coverage, so it can provide protection to your business or family after the most unexpected of accidents. ERM Insurance brokers would be more than happy to help you decide is an umbrella insurance policy is right for you. You can also learn more about umbrella policy details here on our site.
Orange County umbrella insurance can aid in financially crippling situations that arise in both business and personal circumstances. At a manageable rate of $150-$300 per year, you can be insured and protected by a $1 million umbrella insurance liability policy. That’s less than a dollar a day to ensure the protection of your family or business! Just ask an ERM Insurance agent to help you take the steps toward gaining an umbrella policy. It could save you, your company, and your family.
An umbrella policy was able to protect the savings of one family whose daughter made disparaging, yet untrue remarks about her math teacher online. The teacher sued the family for personal injury in the form of slander and received $750,000. This settlement would have otherwise been crippling, were the family unable to pay out what was covered by umbrella insurance. The $750,000 was simply taken from the family’s umbrella policy.
Orange County insurance providers will require a minimum liability coverage to be in place so that umbrella insurance can be added on top of it. For example, at least $250,000 on auto liability insurance and $300,000 of liability coverage on your homeowners policy may be required. This is because umbrella insurance acts as an extra safety net on top of the primary policies you already have in place. Umbrella insurance increases the protection you have over your power and assets. ERM Insurance brokers are very knowledgable on what specific insurance carries are best for specific primary policies, and we can also help you save by combining multiple policies, including umbrella insurance, under one provider. Don’t hesitate to call or leave an email on our page.
Umbrella Insurance for Business Owners
As a business owner, it’s wise to have an Orange County umbrella policy in place to protect your assets when serious situations arise. Say your office building experiences a carbon monoxide leak, and multiple employee injuries, possibly deaths, occur. Employee health coverage or workers’ compensation insurance would not be enough to pay for the multiple damages occurring all at once. This is where umbrella insurance would come into play and save your business. If your current primary policy covers $1 million in damages, and you’re sued for $1.5 million, the umbrella policy will effectively keep you from forking out half a million dollars from your own pocket.
Generally, the accidents that umbrella insurance policies cover are quite unpredictable and dire. As a business, the likelihood that you will become the target of a lawsuit is raised. Say you hold a holiday party, and with alcohol involved, things get more than a little out of hand. An employee experiences a devastating car accident on the way home, injuring the two other employees with him. Each family sues your company for $300,000. This unexpected cost of almost $1 million could cause one to file bankruptcy, but if you have an umbrella policy, your business has already protected its finances from such unexpected accidents.
It’s never a pleasant experience preparing for the worst, but it is the smartest decision to make. Protecting your family or business with umbrella insurance saves you from facing financial difficulty during a time that is already emotionally devastating.
Let an ERM Insurance broker walk you through the benefits of gaining Orange County umbrella insurance for your personal or business assets, and rest assured that it will make life that much easier, should you ever face terribly unexpected damages.
Call our Orange County office today at (949) 222-0444 to begin the discussion on umbrella insurance for your business or personal assets.