Umbrella insurance may seem like the insurance policy that you can skip and save a couple dollars. However, with the tremendous number of lawsuits, umbrella insurance can protect your assets beyond what typical insurance policies offer. If there is an unfortunate accident that is your fault, chances are that your normal insurance policy will not cover everything. Investing in an umbrella policy is a good way to make sure you are covered in any situation.
Typical umbrella insurance policies provide $1 million in liability. This protection is designed to take effect once the liability coverage of other policies have been exhausted. Liability is the portion of the insurance policy that covers the medical bills, rehabilitative therapy, and lost wages of a person who is injured that is cause by you. It also covers the legal defense that comes along with a lawsuit that comes out of the accident. Most of the time, the liability of a classic homeowners insurance or auto insurance policy will not cover all of the medical expenses and legal fees of the injured person.
Umbrella insurance is that added liability that will cover all of the fees that are associated with an accident and all the fees that are associated with it. An umbrella insurance policy will also provide protection against any lawsuit that deals with slander or the defamation of a person’s character. It will also cover you for any decisions that you may have made while working as a member of a nonprofit board that resulted in a lawsuit.
For more information about how you can protect yourself from beyond the typical insurance policies, contact Access West Insurance Services Inc. As an independent insurance agency, located in Murrieta, California, they will work with their affiliate companies to ensure you get the best protection at the right price.