How Much Umbrella Insurance Coverage Do I Need?

Do you have a lot of assets? If so, then it might be time to start thinking about umbrella insurance coverage. Umbrella insurance is designed to protect your personal and business assets in the event that you are sued for negligence or gross negligence. There are many things you need to think about when buying umbrella insurance coverage. For example, how much Umbrella insurance coverage do I need?

All-Star Insurance Brokers Inc. in Aurora, CO can help you determine what your needs are and how much coverage you should get.

But first,

What Does Umbrella Insurance Cover?

An umbrella insurance policy covers the excess liability that falls outside the scope of your auto, home, and worker’s compensation policies. For instance, if you are an employer with employees, any lawsuit could result in a much higher award than would be covered by simple workers’ comp policy.

Umbrella insurance is typically supplemental insurance that provides for some unforeseen circumstances, and it is usually at an additional cost – but worth every penny if needed.

Who Needs Umbrella Insurance?

Umbrella insurance is for those with a lot on the line who need plenty of protection against accidents and injuries suffered by themselves or others. You need it if you’re in high-risk fields, like law or medicine; have high-value assets to protect; or are worried about the cost of potential lawsuits.

How Much Coverage Do You Need?

The amount is mostly influenced by the type of work and risk level. This is a difficult concept to define, but here are some examples:

Construction workers will need more than warehouse laborers because there’s always a risk for injury or loss on-site due to objects being dropped from high heights and other hazards requiring additional safety precautions.

Doctors often require more than lawyers because there’s always a potential for something catastrophic happening during their shift (i.e., surgery) which could lead to lawsuits with expensive consequences.

Get Umbrella Insurance in Aurora, CO Today

You don’t want to find out how much you need it after something has happened. Make sure your business is protected with an Umbrella insurance policy from All-Star Insurance Brokers Inc. Contact us today and we’ll help you determine what kind of protection you might require now or in future years as your business grows.