Umbrella Insurance for Individuals and Businesses Across Florida
Liability insurance is designed to protect individuals and businesses in case of common accidents and lawsuits they may face day to day. Unfortunately, basic liability insurance isn’t always enough to cover all of the expenses related to a lawsuit.
Wiglesworth-Rindom Insurance Agency will work with you individually to find the right amount of liability insurance to protect your assets against an accident or claim.
What is Covered Under an Umbrella Insurance Policy?
An umbrella insurance policy applies to any of your other liability insurance policies. It can fill in the gaps left by your liability insurance such as:
- General Liability: General liability insurance covers claims regarding bodily injury, property damage and personal and advertising injury. If someone is injured on your business’ property, this insurance can help pay for medical bills and related lawsuits. It also covers claims regarding libel, slander, copyright infringement and more.
- Professional Liability: Professional liability insurance covers claims against your business concerning professional negligence. For example, if you are an accountant and you make a mistake that causes your client to lose a significant amount of money, professional liability insurance can help cover a potential lawsuit.
- Auto Insurance Liability: Both personal auto insurance policies and commercial auto insurance policies offer some form of liability. While only a certain amount of bodily injury and property damage liability is required for drivers, these minimum requirements aren’t always enough to cover damages incurred in an accident.
How Does Umbrella Insurance Work?
Say you own a hospital and carry a professional liability insurance policy (known as medical malpractice in the field) worth $1 million. During surgery, one of your surgeons makes a mistake. When the patient wakes, they’re in excruciating pain and have to undergo another surgery to fix the damage done.
The victim decides to sue for the pain and extra procedure. With everything considered, the lawsuit will cost $2.5 million. In this case, umbrella liability insurance can help step in to cover the remaining $1.5 million not covered by your professional liability insurance policy.
Improve Your Liability Protection Today
Our insurance professionals are waiting on the line to answer any questions you have about liability or business insurance protection. Call Wiglesworth-Rindom Insurance Agency at (561) 637-2424 or fill out an online quote form to get started today.
Common Umbrella Lability Insurance Questions
How Much Umbrella Insurance Do I Need?
Your insurance needs are as unique as your business and an insurance agent can help you find the right policy for the best coverage to suit your needs. The higher risk you face for expensive lawsuits, the more you may need in umbrella liability insurance.
Who Needs Umbrella Insurance?
Essentially any business that faces liability risks should consider umbrella insurance. Basic coverage won’t always cut it and it’s worth having extra protection just in case.
Is it Worth Having an Umbrella Policy?
Basic insurance won’t cover everything. Without extra coverage, you could be looking to pay the remainder of expensive lawsuits out of pocket, which can cause a heavy financial hit against your company. Speak with an insurance agent about if and when an umbrella liability policy is best for your business.