Why do I need to consider getting umbrella insurance for liability protection?

If you are in the Spring Grove, IL area, it is important that you adequately consider your personal liability risks. One of the ways you will be able to manage and offset these risks is by getting insurance. A type of coverage to consider getting for liability support is umbrella insurance. You should consider this form of insurance for various reasons. 

Additional Liability Support

A top reason to have umbrella insurance is so you can receive additional liability support. Liability risks can be significant in many predictable and unpredictable situations. As it can be difficult to predict and prepare for liability claims, having the right insurance is always a good idea. If you have an umbrella insurance plan, it will provide you with broad coverage that will prove to be helpful in these situations.

Coverage on Top of Other Plans

An umbrella plan is also a good idea as it will give additional coverage on top of existing policies. Most people are going to have liability insurance in home and auto insurance plans. You will find that these policies offer some liability protection, but there is always a policy limit. When you have umbrella coverage, it can offer additional support on top of those plans, which will be helpful if there is ever a significant claim.

Reach Out To Us

Liability insurance is something all people in the Spring Grove, IL area will need to take seriously. If you are looking for this insurance here, you can call our team with Spring Grove Insurance to discuss your needs. Our professionals at Spring Grove Insurance know how important this insurance is and they will strive to ensure you get the appropriate coverage. This is done by taking a customized approach to building your new policy. 

Types of Commercial Umbrella Insurance Available

Umbrella insurance also goes by the name excess liability insurance, and this type of coverage is designed to work alongside other indemnifications already in place. The three main types are for homeowners, business owners, or vehicle operators, but you can also buy a policy for your boat or if you are a renter.

This type of insurance exists in almost every category of coverage, and you can contact your Spring Grove Insurance representative for a comprehensive list of those offered. 

Umbrella insurance also extends to landlords to cover their expenses in the event of a claim that exceeds their primary insurance coverage. In no circumstance is excess liability coverage mandated by law for residents of Spring Grove, IL, and it is entirely at the discretion of the subscriber. 

Your standard policy must be exhausted before umbrella insurance begins to pick up costs. This indemnification works well for people whose hazards may exceed the caps imposed by their regular coverage or whose holdings or valuables are more than basic limits. Umbrella insurance coverage typically runs into millions of dollars. 

You can find that there are subcategories for your industry or protected assets that are included in umbrella insurance that are not a consideration in your primary policy. Though this won’t extend to criminal situations where you are at fault, it can be applied to situations where you are the target of libel or slander and certain types of lawsuits. 

Spring Grove Insurance is Here to Help You

We can assist with all your insurance solutions, big and small, and we encourage you to reach out to us for more information. We are available by phone, online, or in-person to discuss your needs further, and we proudly serve those who live in the Spring Grove, IL region. 

Does Umbrella Insurance Cover Me If I’m Sued?

The threat of getting sued in America is real. According to reliable statistics, an estimated 20 million civil cases are filed in the US annually. Tort cases such as slip and fall, injury resulting from negligence, and wrongful death suits make up 11% of these civil cases. Many people in Spring Grove, IL and beyond get umbrella insurance hoping that it will cover them if they get sued. So, does it?

Umbrella Insurance Covers You in Lawsuits

One of the primary objectives of umbrella insurance is to provide coverage to the policyholder against lawsuits. The coverage will pay for your legal fees, court fees, and settlement. This means that you won’t have to spend any money from your pocket to pay your attorney. Additionally, if the court orders you to pay a settlement to the complainant for injury or property damage, you won’t have to use your money; your umbrella coverage will pay it. This is why at Spring Grove Insurance, we always advise our customers to get umbrella insurance.

What Else Does Umbrella Insurance Cover?

  • Liability that exceeds your regular insurance coverage policy limits: Umbrella insurance will cover liability that exceeds the policy limits of your homeowners, renters, auto, and boat insurance. For instance, if you have a homeowners policy with a $300,000 maximum payout limit and one day you host a party in your home, and one of the visitors drowns, you might have a wrongful death liability of 1 million dollars. Your homeowner’s policy will only pay $300,000, but your umbrella insurance will save by paying the $700,000 balance.
  • Liability outside of your regular coverage: If you have a renters or homeowners policy, it will cover injuries caused by your pet in your home. However, you are covered by these policies if your pet injures someone when you are walking it on the road. Umbrella insurance will cover this liability. 

Give Us A Call

Do you want umbrella insurance in Spring Grove, IL? Call Spring Grove Insurance today.

Common Situations When Umbrella Insurance Is Useful

Spring Grove Insurance provides coverage to the local community. Accidents can happen at any moment. We want to make sure that you have coverage in place to protect your assets. We work with our clients to help them find the right policies for their situation. We look forward to serving you with excellent customer service.

Common Situations When Umbrella Insurance Is Useful

Umbrella insurance offers a safety net when disaster strikes. While your traditional liability coverage protects you if an accident occurs, sometimes it’s not enough. Umbrella insurance covers you once you have reached your liability limit so that your assets will not be at risk. Here is a look at some common situations where umbrella insurance is necessary.

Pet Attacks

Perhaps you are taking your dog for a walk in the local Spring Grove IL Park. Suddenly, you lose control of the leash and your dog bites someone, causing an injury. If the injury is severe enough where they are unable to work, you may face legal action. Without the extra protection of umbrella insurance, you could lose your assets depending on the verdict.

Home Accessories

If you have accessories at your Spring Grove, IL home such as a swimming pool or trampoline, remember that there are high risks associated with using these items. Perhaps you invite a friend over to your home for a swim, and they slip and fall while they are getting out of the pool. They suffer a traumatic head injury, which you are held liable for. Umbrella insurance can protect you while you figure out your next move.

Spring Grove Insurance Can Help You Find The Right Policy

Visit our website to learn more information about umbrella insurance.

How Much Umbrella Insurance do I Need?

When you are already paying for a home, auto, and other insurance policies, it may seem overkill to purchase an umbrella policy. However, having additional coverage can be a blessing in disguise when disaster strikes. In short, umbrella insurance kicks into gear when your liability coverage is exhausted. Generally speaking, an umbrella insurance policy covers the same things, such as your home and auto insurance policy, including vehicle accidents, liability incidents, and storm damage, with a few extra additions like for lawsuits that may arise due to libel, slander, or defamation of character. 

For example, let’s say your teenage son is involved in an accident that results in bodily and property damage to a third body. Just those bills alone can quickly balloon into the hundreds of thousands of dollars. In a situation like this, if your auto insurance policy has a limit of $100,000 for bodily injury, then it will pay for any damages up to that amount, but anything over it is your responsibility. Being on the hook for such a large sum of money can be financially devastating. Thankfully, with an umbrella insurance policy, you can purchase additional liability coverage to protect your family and assets in a similar situation. 

When it comes time to choose an umbrella insurance policy, look no further than Spring Grove Insurance. Conveniently located in Spring Grove, IL, our team of professional insurance experts takes the time to learn about each of our customers to make personalized recommendations and customize an umbrella insurance policy that best meets your needs. Give us a call to schedule a no-obligation consultation with a member of our talented team.