How Is Umbrella Insurance Different from Home or Auto Insurance?

At Collum Insurance Group LLC in Richardson, TX, we’re always glad to share the differences between types of insurance policies. If you are new to the insurance world, you might be surprised at just how much variety exists between insurance policies.

When you’re trying to figure out what coverage would work best for you and your household, it’s a good idea to ask about what options might be available. If you find that you need more coverage than your current policy limit allows, you may want to look into the umbrella insurance policies that we offer.

What is umbrella insurance?

Umbrella insurance gives you extra “mileage” for your existing home or auto insurance policy by providing additional coverage for personal liability, property damage, and other qualifying expenses. When you reach the limit on your home or auto insurance policy, an umbrella insurance policy can kick in to cover expenses that stretch beyond the existing policy’s limit. For a visual, you can think of an umbrella insurance policy as an umbrella that reaches over certain other policies. Like with any insurance policy, an umbrella insurance policy will have limits and terms that are unique to that specific coverage. 

How does umbrella insurance differ from home or auto insurance?

The biggest aspect of umbrella insurance that separates it from typical home or auto insurance policies is its requirement to go on top of an existing policy. Unlike home or auto insurance, it can’t be the primary insurance policy. You’ll need to have another insurance policy that meets certain requirements before qualifying for umbrella insurance.

If you want an extra safety net through umbrella insurance, call our office at Collum Insurance Group LLC in Richardson, TX to start exploring your options with us.

Protect your company from liability exposure with an umbrella policy

Collum Insurance Group LLC is proud to work with the greater Richardson, TX area business community. We strive to provide our clients with the information they need to make informed decisions when it comes to commercial insurance. Now is a great time for you to get to know us!

Benefits of umbrella insurance for your company

The main benefit of umbrella insurance is that it protects your company from liability exposure. This is an incredibly important insurance type to carry, especially if your firm operates in an industry that is highly litigious. 

With an umbrella policy, you will enjoy excess protection in the event that your primary commercial policy is maxed out. For example, if you are responsible for financial damages and the amount exceeds that provided by your primary policy, the umbrella policy will come into play. 

This type of protection provides liability protection that can help both the company itself as well as its principals. There are a number of different corporate structures that allow claimants to go after the owners of a firm if they do not have sufficient insurance protection.

When you have the foresight to have a commercial umbrella insurance policy in place, the assets of the company will be protected. And, depending on how the business is structured, principals can be protected too. 

It’s time for your company to have umbrella protection

Richardson, TX area business owners and operators turn to Collum Insurance Group LLC for their commercial insurance needs. If your growing company needs more liability protection, it’s time to consider an umbrella insurance policy. Schedule an appointment with us today and learn more about the umbrella insurance policy options that are available in our area. We look forward to working with you!

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.

Umbrella Insurance – What is it and why do you need it?

Think of umbrella insurance as a rainy day fund – hopefully, you never need it, but when you do, you’ll be glad you have it. With litigation becoming more common in the United States for even the most innocuous situations, it is imperative to have enough liability coverage to protect yourself, your family, and your assets from being depleted in a lawsuit. Luckily, that’s where umbrella insurance comes into play by providing another layer of liability coverage when your existing auto, homeowners, boat, and commercial insurance policies have been met. 

To determine whether you need umbrella insurance, ask yourself the following questions:

  • Do you have a high net worth?
  • Are you recognizable in the community as being wealthy?
  • Are you vulnerable to lawsuits because you own an ATV, swimming pool, or have a dog breed that is labeled aggressive?

If your answer to any of these questions is yes, you should consider purchasing an umbrella insurance policy. One benefit of umbrella insurance is that it covers the policyholder and other family members or people in the household. This means that if you have a new driver in the household, you’ll have extra peace of mind knowing that your umbrella insurance covers them wherever they are driving a vehicle. Additionally, umbrella insurance coverage does not have to involve your property, boat, or vehicle and is extended worldwide except for any vehicles and homes you own globally that are under another country’s laws. 

At Collum Insurance Group LLC in Richardson, TX, we’ll help answer any questions you have on umbrella insurance policies and help you customize a policy that works for your family’s needs. Give us a call today to schedule a no-obligation consultation with a friendly and knowledgeable member of our team.