5 Signs You Need Umbrella Coverage

10 October 2017
 Categories: Insurance, Blog


Umbrella insurance refers to a policy that goes above and beyond most other insurance policies. In particular, these policies protect you from liability claims in a number of different situations. Wondering if you need umbrella insurance? Here are five signs that you do:

1. You Frequently Worry About Liability Issues

Are you worried that you might get sued for something? Does that concern keep you up at night? Do you want extra protection for your assets? Then, that may be a sign that you should at least investigate some of the advantages of umbrella coverage.

2. You Save Money With an Umbrella Insurance Policy

Umbrella insurance often overlaps with coverage that you may already have. However, the coverage may be cheaper and more expansive. For instance, if you are currently paying for bodily injury liability and property damage liability as part of your car insurance policy, you may want to do a cost comparison with umbrella coverage.

If you can get the same amount of coverage (or more) for the same price or less through an umbrella policy, you may want to sign up. As an added bonus, the bodily injury and property damage liability with a car insurance policy only covers you liability while driving, but an umbrella policy covers your liability in both of these areas regardless of whether or not you are driving.

3. You Are on Online or Print Journalist

Most umbrella policies also cover liability related to libel and slander. If you are a journalist or even a blogger who writes about other people, you may want this coverage. That way, if you take a story to print or publish it online and one of the people mentioned in the story tries to sue you, you have coverage in place to protect you.

That said, there are often restrictions on using umbrella insurance for your business. Make sure to talk with the insurance agent to ensure your activities are covered.

4. You Are a Landlord

This type of policy can also help to protect landlords. To decide if you need umbrella insurance, look at what is offered by a specific policy and see if that goes above and beyond what you have with your current property owner's policy. If the umbrella coverage offers protections that you currently don't have, that's another sign that you need it.

5. You Want More Coverage Than You Get With Your Excess Insurance

Excess insurance is similar to umbrella insurance. It offers additional liability coverage. However, it often has more restricted terms. If you want broader coverage, you may want to contact an agent or broker who sells umbrella policies.

Contact a company like All Risk Insurance Group for more information and assistance.