All insurance policies have their limits. So, what happens when they reach those limits? If you don't have a plan in place, you could find yourself in serious financial trouble. This is why everyone should at least consider umbrella insurance coverage. Please feel free to reach out to our team at the Brothers Wood Agency to get started or ask questions. In the meantime, keep reading to learn more about umbrella insurance and who it helps.
It all starts with how much an insurance claim is. When, for example, your regular homeowners or auto policy's limit does not fully cover a claim's cost, a good umbrella insurance policy is there to step in and cover the difference. It is a form of liability coverage that is often not tied to any specific asset (many owners of multiple cars have umbrella insurance coverage that can be extended to both) and therefore acts as a flexible catch-all.
It is also a good idea for all residents to consider what your backup plan might be if your auto or home insurance does not fully cover a claim. Umbrella insurance can save a lot of time and frustration.
Business owners will also want to investigate umbrella coverage as extra protection. After all, running a business can be tough, and base insurance coverage only goes so far. In the event that someone files a liability claim against you or your business suffers damage, you'll want to have umbrella insurance in place to make sure that the event does not end up costing you your livelihood. The same goes for anyone looking to build and protect their assets.
Give us a call at the Brothers Wood Agency to learn more about your insurance options. We're here to be your go-to source for all your insurance needs.
While our offices are located in Savage, MN and Fort Mill, SC, we do commercial insurance business nationwide and offer personal insurance business in MN, SC, NC, WI, NM, TX and FL.
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