Just like it sounds, umbrella insurance covers your business and interests from that “rainy day” event. Most importantly, it provides the added coverage if the limits of your primary policy are exhausted. While standard homeowners and automotive insurance can provide that first layer of protection, often these benefits are inadequate and this is where an umbrella policy can be a literal lifesaver. And best of all, this secondary line of defense is most often very inexpensive.
Whether as a business or as an individual, protecting your hard earned assets is a growing concern. The world has grown far more litigious and even those without large assets can be hit with future earnings garnishments in the case of an automobile accident or other such event.
While we normally all carry the primary insurances, such as automotive and homeowner policies, these are often not enough. This is where umbrella insurance policies come into play. They are designed to kick in once the primary insurance limits are exceeded. And, since they are a secondary line of defense, these policies are normally extremely affordable.