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Understanding the Importance of Umbrella Insurance
At Wichalonis Insurance Agency, we want our clients to enjoy the right coverage so they benefit from its protection. Some residents of Cumming, GA, need umbrella insurance for their business and a personal policy. Other residents need only one form of umbrella insurance. Let’s explore which applies to you.
Personal and Commercial Umbrella Insurance
Umbrella insurance comes in two forms: personal and commercial. A personal policy provides secondary insurance that covers the primary policy’s liability coverage. A personal primary policy can be a homeowner’s, auto, boat, motorcycle, or another policy with a liability component. Commercial umbrella policies require a primary policy, such as general liability, business liability, commercial auto, or malpractice.
Personal Umbrella
Umbrella policies only provide liability coverage. Umbrella provides excess liability to pay a settlement if a person causes an accident, whether with their auto, motorcycle, or boat, or if an accident occurs at their home that injures someone. It is attached to the policy, so if your spouse drives your car and appears as a driver listed on your auto policy, umbrella coverage still applies.
Commercial Umbrella
Commercial policies cover any event that happens at your business. The umbrella policy kicks in once a settlement exhausts the liability coverage on the primary policy. It covers the settlement regardless of whether an employee causes an accident while making deliveries for the company or a person falls and injures themselves. A doctor’s office can obtain a malpractice policy covering the doctor and the employees; the umbrella policy will do the same.
Add Your Umbrella Policy Today
If a business owner also volunteers in the community or becomes involved in philanthropy, they may need both a personal and commercial policy. At Wichalonis Insurance Agency, we want our clients to enjoy the financial protection they need for their Cumming, GA, home and business. Schedule an appointment today for an insurance review to determine if you need both forms of umbrella or one.
