What is Umbrella Insurance? Does the Average Person Need It?

At Collum Insurance Group LLC, we can provide Richardson, TX, businesses with the kind of high-quality umbrella insurance policies that they need to avoid long-term financial troubles. However, do you need this type of policy if you’re an average person? Let’s take a look to understand more.

What is Umbrella Insurance?

Umbrella insurance is a unique type of liability coverage that kicks in when your standard policy gives out. For example, if you are successfully sued for more money than your typical business coverage provides, umbrella insurance will pay the difference up to your coverage limits. 

Most businesses have some kind of umbrella policy because it’s too beneficial as a way of protecting their short- and long-term liability problems. However, someone who doesn’t own a business may even be interested in this type of coverage. But is it strictly necessary for the average person?

Does the Average Person Need This Coverage?

Unless you anticipate ever needing a high amount of liability coverage, you probably don’t need umbrella insurance. However, if you’re a business owner or someone who plans to open a new firm soon, you might want to consider high-quality umbrella insurance seriously. 

Doing so will provide you with a high level of protection, minimizing the kind of devastating impact you may otherwise experience. But, beyond that, it can serve to give you a better level of protection that should reduce the amount of money you have to spend on lawsuits. 

How We Can Help 

If you think you want an umbrella insurance policy from Collum Insurance Group LLC, call us today to learn more. We serve the Richardson, TX, area and can help educate you about what types of insurance are suitable for your needs and which you may be able to ignore or not purchase.