What Does Umbrella Insurance Cover?

If you live in Eureka, MO, you may have heard the term "umbrella insurance" fly around a few times. You may have no idea what this term means. Luckily, the experts at Focus Insurance have put together a handy guide to the in’s and out’s of umbrella insurance to help you get the scoop on the umbrella insurance basics. Learn how you can stay protected with umbrella insurance and visit Focus Insurance for a consultation. 

What Is Umbrella Insurance? 

Umbrella insurance is a type of insurance that provides financial coverage for areas in which your other insurance policies don’t provide coverage. For example, if your health insurance covers hospital stays for three days, umbrella insurance could cover you in the event that you need to stay in the hospital for longer than three days. Here are some of the areas in which umbrella insurance can provide coverage: 

  • Liability
  • Injury
  • Property damage
  • Auto accident
  • Medical costs

These are just some of the areas in which umbrella insurance can provide coverage and fill in the gaps left open by your other existing policies. The type of coverage and amount of coverage you receive will depend upon the insurance policy you choose. Visit Focus Insurance to get a consultation. 

Why Is Umbrella Insurance Important? 

Even though you already may have some existing insurance policies like auto or health, it’s important to have extra coverage that can fill in the gaps. It’s always better to have coverage and never need it than it is to never have coverage and find yourself needing it. Umbrella insurance can provide that extra layer of relief. 

Stay Covered with Focus Insurance

When it’s time to find the right coverage, visit Focus Insurance. Our office serves the Eureka, MO area. You can contact us to get a consultation and find the perfect coverage for you. 

Who Needs an Umbrella Insurance Policy?

Depending on your specific life situation and coverage needs, you may want to consider an umbrella insurance policy. But do you need one? That depends. A lot of people who are public figures or who have high levels of assets choose these kinds of policies because they need the additional coverage provided by them. But there are plenty of reasons for other people to select these policies, as well. You don’t need to be famous or have a lot of assets to want to be adequately protected. At Focus Insurance in Eureka, MO, our agents can answer any questions you might have about this kind of coverage to help you decide if it’s going to be right for your situation.

An umbrella policy works to add coverage where other policies leave off, or for the kinds of events that a typical policy might not cover. For example, libel and slander could be covered by this type of insurance, where a homeowner’s policy wouldn’t include those things. You can also use umbrella coverage to receive a higher level of benefits for a covered incident. That’s because this policy is designed to start where your other policies stop. If a problem with your home exceeds the maximum benefit from your homeowner’s policy, for instance, an umbrella policy could protect you further.

When you reach out to us today at Focus Insurance, you can get the kind of information you need to decide if umbrella insurance is right for you. We want to make sure all our Eureka, MO clients have the proper coverage that protects them now and in the future. That’s why it’s so important to talk to dedicated agents like ours, who can give you all the knowledge you’re looking for. Being an informed consumer is very important when selecting an insurance policy, and we want to make sure you have what you need to make a good choice and have peace of mind, as well.

What Are The Types Of Umbrella Insurance?

When a major crisis strikes, an umbrella policy can have you covered when your standard insurance isn’t enough. Focus Insurance offers many umbrella insurance options to our friends in and around Eureka, MO. Almost every liability insurance policy you own could be a candidate for an umbrella. Here are just a few examples:

Home Umbrella Insurance

If you host a large event in your home, have frequent visitors, or plan to hire outside help an umbrella policy is an excellent addition to your homeowner’s liability coverage. When someone is injured on your property, you could be liable for their medical expenses. They may even sue. Sometimes the coverage in your standard home policy isn’t enough to cover the cost of injury expenses or your own court defenses. An umbrella policy can cover the difference when your home policy limit runs out. 

Auto Umbrella Insurance

Car accidents can quickly become a costly affair, even if you aren’t at fault. While your average auto insurance will cover most run-of-the-mill accidents, it may not be enough in the event of a major catastrophe involving several vehicles or a lot of property damage. Like home umbrella coverage, auto umbrella policies kick in when your regular coverage runs out, providing a safety net so you won’t end up paying out-of-pocket.

Commercial Umbrella Insurance

Owning a small business is challenging even when things are going smoothly. Your average commercial insurance may cover your operations for day-to-day hazards, but it could fall short when your business faces large suits or situations of libel, slander, or cybercrime. In these cases, an umbrella policy could cover risks that are unique to your business, where a standard policy might not. 

Don’t be left out in the cold when your liability coverage runs out. We encourage Eureka, MO residents to reach out to Focus Insurance today to learn more about umbrella insurance!

How Do I Keep From Losing Everything If I Get Sued?

Besides worrying about making payroll and increasing sales, small business owners say that what keeps them up at night is worrying about being sued. There are plenty of good reasons to worry about this. Statistics about lawsuits in America show that businesses have a 100% probability of facing a lawsuit if they have been operating for more than a few years. In other words, it is not about if the business will be sued, it is simply a question of when it will be sued.

Protecting Your Net Worth

As a business owner, you are at risk of losing your business and potentially losing everything you have if there is a lawsuit against you and you lose. Statistic show that 75% of these lawsuits experienced by small businesses are frivolous. Even those may represent significant expenses in legal fees that are needed to be paid to protect yourself. The insurance solution that may provide protection for some of these risks is umbrella insurance.

How does umbrella insurance work?

Umbrella insurance extends the policy limits of other policies that are covered by the umbrella insurance. For example, a business may have a $1 million policy limit on commercial vehicle insurance. If the business loses a lawsuit and the claim is more than $1 million, umbrella insurance may cover the difference. If the business also has umbrella insurance coverage, which extends the commercial vehicle insurance policy limit, it will pay the amount of the claim over $1 million up to the limit of the umbrella insurance.

Typical umbrella insurance limits are in the many millions. Frequently, umbrella policies are $5 million or more. Umbrella insurance may cover the cost of legal expense and risks that are not covered by other policies.

Work with your agent at Focus Insurance, serving Eureka, MO and the surrounding area to design a custom solution of umbrella insurance coverage to protect your net worth, which provides protection for the risks experienced by the business.

Contact your agent at Focus Insurance in Eureka, MO by calling toll-free 866-523-6287 to get a quote for umbrella insurance.

What is Umbrella Insurance

When it comes to protecting your home and family, insurance is a significant investment you need to take advantage of. There are a number of insurance possibilities, each with many advantages, including umbrella insurance. At Focus Insurance, our team is here to assist you with all of your insurance needs, so whether you live in Eureka, MO or the surrounding communities, we want to make sure you’re covered. 

What does Umbrella Insurance do?

You invest in specific insurance coverage for varying aspects of your personal and professional life. You have home owner’s insurance, car insurance, boat insurance, and other kinds of coverage based on what you own. However, these kinds of coverages only provide certain levels of liability insurance. If someone slips and falls while they are inside of your home, or walking past on the sidewalk, you may be held responsible and not have the kind of financial assets available to pay for the legal costs. 

This is where umbrella insurance comes in. It provides coverage for everything you own, such as with your boat, car, or your home (it is called umbrella because it covers everything). If you are curious as to whether umbrella insurance is right for you and what you own, you can talk it over with your insurance agent and go over all the details. This way, you’ll know if it is a kind of policy you should add. 

Umbrella insurance is a valuable addition to add to your insurance portfolio. You need to determine what is best for your personal and household needs. Whatever your needs may be, the team at Focus Insurance is here to assist you. So whether you live in or around Eureka, MO, all you need to do is pick up the phone and give the team a call.