Category: Umbrella Insurance

If you own a business, you’re at special risk for liability that most other people will never experience. Because of this increased liability risk, you want the proper insurance protection. At Peninsula Underwriters Insurance Agency, which serves Gainesville, FL, and the surrounding areas, we provide umbrella insurance policies that greatly benefit business owners. Here are a few things you should know about this type of coverage. 

What Is Umbrella Insurance?

Umbrella insurance is a special type of policy created to cover additional liability expenses if a policy has already been paid out. If a policy pays out to the maximum it was purchased for, then it’s considered to be exhausted. Once a policy is exhausted, no more money will be paid out. If there are still expenses remaining, the individual is responsible for those costs. 

An umbrella policy can be added to your other policies. This type of policy will then kick in if the previous policy was exhausted and will pay for additional expenses. 

Why Does This Benefit Business Owners?

This can greatly benefit business owners because they have a lot to lose if they are held liable. If your existing policies can pay for liability, the legal system can come after your business and investments. This could have long-term negative effects on your company. 

Business owners are at risk for many types of liabilities, including injuries on commercial property or through the use of products or services. Their equipment, property, and inventory are also at risk. An umbrella policy can help reduce the amount of financial risk they are vulnerable to. 

If you’d like to learn more about umbrella insurance, please contact us at Peninsula Underwriters Insurance Agency, serving Gainesville, FL, and the surrounding areas. 

Peninsula Underwriters Insurance Agency has helped many Gainesville, FL businesses find high-quality insurance that makes sense for their needs. For example, umbrella policies are a great way to keep your company safe and are more than worth considering, no matter what business you operate.

What is Umbrella Insurance?

Umbrella insurance is a unique extra liability protection that covers you after your other policy maxes out. It’s a common type of protection that many businesses and homeowners buy. High-quality umbrella insurance will protect you in a variety of ways. Typically, liability protection works in a fairly simple way and includes a myriad of steps that make it more effective, including:

• You Get Sued/Need Protection: Your typical liability policy will kick in at this point and cover up to its payment limits. If your issue is fully managed, your umbrella insurance won’t kick into play.
• Your Limit is Exceeded: What happens when your liability protection maxes out? Well, you’ll either have to pay out of your pocket or get your umbrella insurance policy to help you out here.
• Umbrella Insurance Pays for Problems: At this point, your umbrella insurance policy will kick into play and pay for your liability coverage. It has a very high limit, so you should be safe.
• Extra Protection for Other Issues: If you run into other issues, your umbrella policy should protect you with high-quality payouts that meet your specific situation’s unique needs.

We’re Here for You

With the help of our team at Peninsula Underwriters Insurance Agency, you can get the umbrella insurance that your Gainesville, FL business needs. Contact us to let us know what kind of operation you run, and we’ll do whatever we can to ensure that you get the great support that makes sense for you.

Umbrella insurance from Peninsula Underwriters Insurance Agency provides an extra layer of financial protection in case you are held liable for an accident or incident. But does it replace all your other insurance policies here in the Gainesville, FL area?

The answer is no.

Umbrella insurance is supplemental coverage, meaning it kicks in after any other applicable policies you have used up. It doesn’t replace your homeowners, car, or other liability insurance – these policies provide the primary coverage for any claims against you. 

You can think of umbrella insurance as a safeguard that provides additional coverage beyond your existing policies and helps to protect your assets if you’re held liable for a large claim, such as a lawsuit. Umbrella insurance is important to have if you own property, assets, or investments or have significant income and savings; however, it should not be used as a substitute for the primary coverages provided by your other policies. 

Umbrella insurance is relatively affordable and can give you peace of mind knowing that you’re covered in the event of a large claim. There are multiple factors that go into determining how much your policy will cost, including the size of your coverage limit and any additional riders or policy provisions. In addition, some companies offer discounts if you bundle your umbrella insurance with other policies. 

Give Us A Call

It’s important to talk to an independent insurance agent from Peninsula Underwriters Insurance Agency who can help you evaluate your risk and determine the type and size of policy that best fits your needs. We can also provide advice on how to protect yourself further. So give us a call today. We are proud to serve the Gainesville, FL area and will be happy to help you.

Peninsula Underwriters Insurance Agency wants to help our Gainesville, FL clients know how best to protect their financial future. Learn how umbrella insurance works and why parents benefit from its protections. 

What is Umbrella Insurance? 

Umbrella insurance is, in a nutshell, excess liability protection. Damages may occur as a result of an auto accident, at home, or out in the world. This coverage protects the policyholder and household members, including liability protection for your children. Umbrella insurance offers protection against: 

• Excess liability for injuries. 
• Excess liability for property damage. 
• Malicious prosecution. 

Why Should Parents Consider Umbrella Insurance? 

If you have children, you have increased risk. Children invite friends over who may be injured on your property while playing. Kids may toss a ball over the fence and throw a neighbor’s window. A birthday party you host results in food poisoning cases, and you are sued. In all of these cases, you’d have a financial obligation to pay for the medical bills or neighbor’s repairs. You also have a solid reason to want to protect your financial assets. 

Financial Assets Are At Risk

If you are deemed liable for significant damages, many financial assets are vulnerable to seizure to pay your liability. These include:

• Property
• Autos
• Financial assets
• Future income

Having an umbrella policy is one way to protect your family’s future and financial stability. As a rule of thumb, consider umbrella insurance if your assets exceed the limits of your existing liability coverage. 

Contact Us Today

If you’d like to understand what umbrella insurance can do for you in the Gainesville, FL area, Peninsula Underwriters Insurance Agency is here to help. Our knowledgeable agents can answer all your questions and help you make the best choices to protect your assets against an uncertain future. 
 

Umbrella insurance was designed to shield you from all kinds of lawsuits, whether it’s a road or home accident.  Lawsuits rain everywhere, and there are no criteria of knowing when you will be hit by one.  That’s why Peninsula Underwriters Insurance Agency recommends buying umbrella insurance to add an extra layer of protection in case you get sued.  Read on to learn more about umbrella insurance in Gainesville, FL.

Umbrella insurance is NOT mandatory

Insurance experts encourage people to buy umbrella insurance, but that doesn’t mean it’s a legal requirement. Nobody will sue you for not carrying a personal umbrella policy. The decision to buy solely depends on your needs and the amount of protection you need.  You will need to assess your risk level depending on the nature of your job, wealth, and lifestyle.

Are there specific umbrella insurance requirements?

Every insurance agent in Gainesville, FL operates differently and will have different requirements during the application. Remember, you need to have a home, boat, motorcycle, and other standard insurance policies to buy umbrella insurance.  If you have an auto insurance policy with minimum liability coverage, your umbrella insurer may require you to increase your limits to qualify for umbrella insurance. Other companies may need you to insure all your properties with them and add umbrella insurance as an endorsement.

How much umbrella insurance is enough?

Since the policy is not self-sufficient, it is critical to speak to your insurance agent to help you know how much insurance to buy based on your needs and the current standard insurance limits. If you’re wealthy, you need to pay more premiums on your umbrella policy to get the most out of your policy.

Not sure where to start your insurance journey? Peninsula Underwriters Insurance Agency can help you get the most out of your umbrella policy. Feel free to call us, and our insurance team will be happy to help.

 

Peninsula Underwriters Insurance Agency serves the Gainesville, FL community. We strive to make sure that our clients are covered in every situation. We have working relationships with multiple carriers across the Southern and Eastern coasts. We offer multiple types of policies. We look forward to helping you find the coverage you need to protect your assets.

Umbrella Insurance Overview

Umbrella insurance is supplemental coverage designed to prevent you from a financial catastrophe. Perhaps you have strong liability coverage on your home, vehicle, or Gainesville, FL business. Perhaps you invite friends over to your home to enjoy a swim. One of your friends slips and falls while getting out of the pool, suffering a serious injury. Maybe your pet attacks one of your neighbors. These are common situations when umbrella insurance protects you. If the injured party pursues legal action, you may be left exposed if the damages exceed your liability limits. Suddenly, your assets are at risk. Umbrella insurance adds another layer of protection to prevent you from losing your assets.

Umbrella insurance also helps protect your loved ones. If your teen driver causes a serious accident, you can rely on umbrella insurance as you help navigate the fallout. If you are a business owner, umbrella insurance covers you if you are dealing with serious allegations such as slander or libel. Umbrella insurance may also cover serious accidents by your employees while they are on the job, such as a commercial vehicle accident. Keep in mind though that any intentional acts are not covered under the policy. It’s recommended that the value of your umbrella insurance policy exceed your total assets.

Peninsula Underwriters Insurance Agency Will Help You Protect Your Assets

Visit our website to learn more information about umbrella insurance.