Personal Umbrella Insurance

The Importance of Personal Liability Protection and Umbrella Insurance Coverage

03/14/2024 Written by: Private Client Insurance Team

Personal umbrella coverage, also referred to as excess liability coverage, protects beyond your underlying insurance policy limits. While we can’t always foresee accidents, we can set ourselves up for success, ensuring the right policies are in place for when major incidents occur, exhausting underlying limits. Let’s determine if umbrella coverage is right for you and discover its importance.

Personal Umbrella Insurance

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Determining if Umbrella Coverage is Right for You

Simply put, the more you acquire, the greater the risk. For an extra level of liability coverage to guard you and your assets from lawsuits, consider umbrella insurance. This can cover other policies you own such as home, auto, boat, and is triggered when you reach the liability limits on your other coverages. It can also fill in the liability gaps not included by other liability policies including slander, libel and false arrest.

“An umbrella policy is a crucial piece of the complete puzzle of protection for families,” says Sales Executive, Marc Gillette. “Unfortunately, many have umbrella policies with incorrect limits, overlooked exposures, and missing essential coverages, which results in unnoticed gaps in coverage. This often happens working with an insurance company or broker who may not fully understand their clients’ needs or offer a consultative annual review process.”

Ultimately, a once-a-year evaluation should pose as your opportunity to adjust your policies as needed. During this time, we recommend a touchpoint with your agent to review underlying limits and insured property to ensure exposures are covered, that the limits recommended meet your current financial needs and any applicable additional coverages within an umbrella policy are considered.

What does Umbrella Insurance Cover?

Umbrella insurance coverage can vary, but the following are typically available:

Worldwide Coverage: Coverage for incidents at home or abroad – including coverage for rental cars anywhere in the world.

Protection on the Road: Optional coverage for accidents with an uninsured or underinsured driver.

Protection in the Courtroom: Coverage for defense costs in any suit seeking covered damages that continues even if the liability limit is exhausted (in excess of the primary policy).

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Automatic Coverage for Not-for-Profit Directors and Officers: Includes bodily injury, property damage and personal injury when acting as a non-compensated board member or a not-for-profit board or homeowners association.

Coverage to Repair Your Reputation After a Covered Loss: Coverage for the expense of hiring marketing firms to help repair reputational damage after a covered loss such as libel, slander, or a lawsuit.

Identity Management Services: Coverage and access to a dedicated fraud specialist to help repair and reinstate a stolen identity.

Uninsured and Underinsured Motorist: Helps cover car repairs and medical costs for you and your passengers after an accident if the driver at fault doesn’t have enough or any auto liability insurance.

Preserving Your Success

Liability umbrella insurance coverage can help give you peace of mind and your hard-earned investments shouldn’t be covered with a standard; one size fits all policy. Having the right coverage can help preserve your success when disasters strike.

If you’re looking for a new insurance solution, our client advocates recommend effective solutions in your best interest, making certain you’re not under-insured or paying more than necessary. We have extensive knowledge, strong carrier relationships and a vast network of industry pros and resources to deliver innovative products and solutions that are customized to your precise needs. Contact us for a complimentary review of your portfolio.

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