How Umbrella Insurance Protects Your Assets

Your business is booming, your stocks are on the rise, your Longmont, CO custom home is almost paid off, and your daughter has received a full scholarship to an Ivy League School. Life is good. It’s too bad someone had an accident in your pool during your daughter’s graduation party. After the resulting lawsuit is settled, you find you’ve been wiped out financially and now your assents are gone and your net worth looks the national debt. How can you avoid financial ruin? One of the most effective ways to protect your assets from a costly settlement is by purchasing an umbrella insurance policy.

There are endless ways you can end up on the losing end of a catastrophic lawsuit. While these aren’t common events, they do happen often enough that if you have more to lose above and beyond your basic home or auto liability limits, you should take steps to protect yourself against large lawsuits. Here’s an overview from 1st American Insurance Agency to help you learn the basics.

What Is Umbrella Insurance?

An umbrella policy is a higher dollar insurance policy you can purchase in million dollar multiples. It is structured to kick in when home, automobile, or boat’s primary coverage is used up and gone beyond their policy limits. The policy’s sole function is to protect you against large lawsuits that result from events that lead to personal injury, bodily injury, or property damage. Additionally, most umbrella policies will also cover lawyer’s fees and other legal expenses.

Prime Risk Factors

There are some factors that are a good indication you should consider purchasing umbrella insurance, including:

  • You have a pool or frequently entertain at your home.
  • You allow people to stay at your vacation home without supervision.
  • There is a driving teenager in your home.
  • You frequently conduct business from home.
  • You have a family dog.
  • Boats, motorcycles, ATVs and other adult toys are on the property.
  • You own rental properties.

Working with a property casualty specialist is the best way to determine what the appropriate umbrella coverage is for your unique situation. In today’s litigious society you could find yourself on the bad end of a lawsuit for a variety of reasons. Call 1st American Insurance Agency today to find out how an umbrella policy can give you some peace of mind.

 

The Advantages of Commercial Insurance

It is necessary for any business that has employees to have some insurance coverage as it is a requirement by law. Companies normally just get the bare minimum coverage such as unemployment and workers’ compensation insurance. It is prudent, however, for enterprises to have additional covers so that they can guarantee the safety of various aspects of your business. Different types of insurance coverage that can safeguard your company from financial losses, accidents, damages, negligence and malpractice claims, general liability, professional liability, product liability, and commercial property insurance are among those additional packages that provide these services individually or as part of the business owner’s policy bundle.

Our obligation as the 1st American Insurance Agency is to provide residents of Longmont, CO with all their insurance requirements and information as is suitable for your business.

Accidents happen. Insurance coverage, even if it may not prevent misfortunes,  gives a certain reassurance to business and property owners. Our company offers Commercial insurance that protects the earnings and assets in your business in case of a disaster. It is especially necessary and beneficial to small businesses owners because they may be a direct source of income and a means to support their families. There are slight variations of commercial insurance in our agency. We can offer you the all-encompassing policy, or you can opt for covers with specifications. 

Specific packages at 1st American Insurance Agency include commercial property insurance that protects you against property damages and loss from fire, severe weather conditions, theft, and vandalism. You can also get coverage for general liability insurance from lawsuits occurring after an accident. Moreover, company vehicles and drivers can also enjoy the commercial auto insurance as protection against automobile accidents, property damage, and liability. 

Considering the expenses you can get a policy tailored to the potential risks associated with your property and its value. Besides the benefits mentioned in the covers above, additional benefits are available depending on the custom covers you choose. Our property cover is tax deductible. You may also pick a cover with higher deductibles from monthly payments, but it would be prudent to set aside the deductible amount. The cover replaces resources, money, and damaged property, lower the risk of conducting business and shield you against litigation claims. Visit our offices at Longmont, Colorado. For more information, contact us.