Can You Purchase Personal and Business Umbrella Coverage?

Posted on December 31, 2024January 5, 2025 by admin

Businesses and individuals in Beloit, WI, often ask Senz Insurance Agency Inc. about umbrella insurance. We’ve realized that most people don’t know that you can buy two umbrella policies—a personal umbrella policy and an umbrella policy for your business. Both insurance policies work to protect your liability separately.

Umbrella Insurance Quickly Explained

Any primary policy, such as an auto, home, or commercial insurance policy, that you buy through our agency qualifies you for an umbrella policy purchase. An umbrella policy, a secondary policy type, adds liability coverage, typically in increments of $1 million of coverage. Once a primary policy’s liability coverage pays out, the umbrella policy kicks in to pay the remainder of a settlement.

Personal Umbrella Coverage

When you buy a personal umbrella policy, it protects your finances from settlements arising from:

• Accidents at your home

• While you or a family member covered by your auto insurance operate your vehicle

• Libel or slander cases arising from personal activities, such as volunteering in your community.

Although it functions the same way, commercial umbrella coverage differs in the situations covered.

Commercial Umbrella Coverage

A commercial umbrella policy protects a business and its C-level employees from out-of-pocket settlements arising from business activities. Commercial umbrella covers every type of commercial liability, from a restaurant’s delivery driver causing an auto accident to its CEO libeling someone in a speech.

Contact Our Insurance Firm Today

Don’t let your Beloit, WI, business, or personal liability go unprotected. Call or email Senz Insurance Agency Inc. today to purchase your umbrella insurance policies. Cover all your bases with umbrella coverage.

How Much Umbrella Coverage Do I Need?

Posted on July 31, 2024July 31, 2024 by admin

Umbrella coverage can protect your assets and secure your financial future. However, you must ensure you have the correct amount of coverage. At Senz Insurance Agency Inc. in Beloit, WI, we specialize in providing comprehensive umbrella insurance.

What is Umbrella Coverage?

Umbrella coverage is designed to shield you from massive liability claims. Generally, it’s sold in increments of $1,000,000.

To qualify for umbrella insurance, you need to have auto and home insurance policies with the maximum coverage limits. If a liability claim exceeds these limits, umbrella coverage covers the difference up to its coverage limit.

Who Needs Umbrella Insurance?

You should consider umbrella insurance if your assets total more than $500,000. Essentially, the greater your wealth, the higher the risk of being sued.

Umbrella coverage is a sensible choice even if your current assets are limited. A liability claim could target your future earnings, making it crucial to protect your financial future.

Coverage Based on Assets and Net Worth

A straightforward way to estimate how much umbrella coverage you need is to tally up all your assets, including property, investments, and liquid assets—everything you could lose in a judgment against you. Your coverage should be at least equal to your net worth.

If you anticipate a significant increase in future income, consider that when choosing your coverage. It’s prudent to plan ahead with an umbrella policy that protects you now and in the future.

Coverage Based on Risk

Consider your level of risk when determining how much coverage you need. If you frequently host parties, own a pool or trampoline, or participate in recreational activities, you may want to consider adding more coverage.

Umbrella Insurance at Senz Insurance Agency Inc.

If you need umbrella insurance in Beloit, WI, contact Senz Insurance Agency Inc. Our agents are ready to discuss your needs and help you select the most suitable coverage.

Find Out If Umbrella Insurance Could Protect You as A Business Owner

Posted on February 28, 2024February 28, 2024 by admin

An umbrella insurance policy will provide financial support if you are sued. Find out if your business could benefit from being covered by an umbrella policy. Contact one of our Senz Insurance Agency Inc. agents to purchase the umbrella coverage you need.

Past Issues

If customers have sued you, you probably hired an attorney. Attorney fees, court costs, and other legal expenses may have been difficult to budget.

Access to an umbrella policy will prevent you from being responsible for legal costs. Assess the past issues that resulted in a client taking legal action against you. Then, review the legal expenses you incurred. The assessment will help you determine if you need umbrella coverage.

Layout Of The Building

If your place of business features a complex layout, there may be the possibility that someone could become injured at some point. Conducting an assessment of the layout will help you determine if being sued could take place.

Services

The services that you offer could influence whether you need umbrella insurance. If you serve food or beverages or sell other products designed to be consumed, purchasing an umbrella insurance policy may be in your best interest.

The insurance coverage would protect against injuries or ailments that are directly tied to your business and the services that you offer.

Contact Senz Insurance Agency Inc.

Don’t risk being sued. You might suffer from the high legal costs that follow. Consult with Senz Insurance Agency about your business. An agent from our office in Beloit, WI, can ask questions about your place of business and recommend umbrella insurance coverage that is right for your needs.

Senz Redieske Insurance Agency, Inc.

Insurance Blog

Category: Umbrella Insurance