Umbrella Insurance: Signs Regular Insurance May Not Be Enough

While standard insurance offers essential coverage, certain situations demand additional financial security. Enter umbrella insurance, an extra layer of protection for when your primary insurance falls short. Here are signs from BES & Associates Insurance, providing coverage to the greater Walford, MD area, that regular insurance might not be enough.

High-Value Assets

If you possess significant assets like a luxurious home, multiple properties, or substantial savings, standard insurance limits may leave you under-protected. Umbrella insurance steps in to safeguard your wealth when facing lawsuits or unforeseen events, ensuring comprehensive coverage.

Liability Risks

Standard liability coverage in home or auto policies may not fully shield you in severe accidents or lawsuits. Umbrella insurance becomes crucial in situations where you could be held responsible for damages exceeding primary insurance limits, offering added protection against costly legal proceedings.

Business and Professional Exposure

For business owners or professionals susceptible to lawsuits, umbrella insurance is a vital safety net. It extends coverage beyond primary insurance limits, protecting against legal expenses, settlements, and potential financial setbacks associated with liability claims.

Future Earning Potential

Consider umbrella insurance an investment in your future earning potential. If court-awarded damages surpass primary insurance limits, personal assets and future income may be at risk. Umbrella insurance acts as a safeguard, ensuring your financial well-being remains intact in the face of substantial liability claims.

Standard insurance forms the foundation of financial protection, but for those needing higher coverage limits, umbrella insurance is indispensable. Recognize the signs in your financial situation or lifestyle, and explore the benefits of this extra layer of security. If you can benefit from an umbrella insurance product, get coverage by calling BES & Associates Insurance, serving residents in the greater Walford, MD region.

What Is Umbrella Insurance?

You may have a number of other types of insurance policies and wonder just what umbrella insurance is and whether you need it. Umbrella insurance adds coverage to policies that you already have. If you have a home and an auto policy, you could get an umbrella policy to boost your coverage from both of those policies. It’s a smart move to be better insurance with an umbrella policy. When you need more coverage, call us at BES & Associates Insurance in Walford, MD to find out more. 

Liability Coverage

You have liability coverage built into your home and auto policies. However, these policies often don’t have much of this coverage. This can leave you vulnerable to a lot of medical bills after a serious accident. Once your auto or home policy reaches its maximum, everything else is left for you to pay. That’s why you need umbrella insurance. It adds more liability coverage to both your auto and home policies. This leaves you much better protected in case of serious, expensive accidents. The amount of coverage that umbrella insurance comes with is extremely high. It’s unlikely to need more coverage than an umbrella policy provides. 

Save Money

When you have an umbrella policy, you get a lot of extra liability coverage for a small price. If you were to add more liability directly to your home and auto policies, it would cost you much more than getting an umbrella policy. When you have an accident, the home or auto policy is the first to come in. If there are still bills to pay, your umbrella policy will take care of those. This is valuable protection that also allows you to save money on your coverage. 

Get Your Umbrella Policy

If you’re interested in more liability coverage, give us a call at BES & Associates Insurance in Walford, MD.