Umbrella Insurance Coverage
An umbrella insurance policy supplements your existing general liability, auto liability and employer’s liability limits. Sometimes accidents happen, but are not covered by your existing business insurance programs, with umbrella insurance you have coverage. If there is huge accident and the damages are above the limits instead of paying out of pocket we can cover you.
How much commercial umbrella insurance coverage do you need? There are factors that go into determining the answer, like the type of business you own and how much coverage you already have. Let one of our experts figure out the best plan for your business.
Common Umbrella Insurance Questions
Who needs an umbrella policy?
Basically anyone who owns a home, business or any significant assets should be covered by an umbrella policy. This umbrella policy protects these assets in case of an accident or lawsuit.
Does my personal umbrella policy cover my small business?
Your personal umbrella policy does not cover small businesses. You must have a separate liability policy for your company. Call Algate Advisors for specifics to your individual situation.
How much does an umbrella policy cost?
While each insurance company has different rates, umbrella policies are priced based on the number of liabilities you have. Each vehicle, driver, property, boat or specialty vehicle is added together to determine how much it will cost for your family. Accidents and tickets can also impact the price of an umbrella policy. Algate Advisors can put a quote together based on your specific situation.
How much coverage is available on an umbrella policy?
Typically the average person gets a $1 million umbrella policy. The options can range from $1 million to $5 million. Talk with Algate Advisors to decide how much coverage you would need.
Who is covered under an umbrella policy?
A personal umbrella policy will typically extend to other members of the household, such as a spouse or children. It typically doesn’t cover anyone living outside the home unless they are unmarried students in college.