Having liability insurance is an important way to keep yourself and your finances protected. When you have both home and auto policies, there is another type of insurance that you may need for better protection. Umbrella insurance is a unique type of coverage that adds to what you have in your other policies. If you want to know more about umbrella insurance, call us today at L & S Agency Inc. in Buffalo, NY. 

How Umbrella Insurance Works

More Liability Coverage

Both home and auto policies come with different types of coverage, and one of those is liability protection. The problem is that many of these policies have too little liability protection built-in. This can mean that your policy doesn’t pay all of the liability you owe for medical bills and property damage. When this happens, you end up with an overage, and that is yours to pay from your own pocket. To protect against this happening, there is umbrella insurance. 

Adding to Your Existing Coverage

If you were to add extra liability coverage onto your home and auto policies, it could be prohibitively expensive. It is much less expensive to get an umbrella policy, and it adds extra liability to both of those policies at the same time. When there is an accident that occurs with your vehicle or in your home, your home or auto policy will come in to pay what it can. It will only pay up to its maximum payout, and that might not be much. When there are more bills left after that, your umbrella policy will then come in to pay the rest of it. 

Get an Umbrella Policy

If you are interested in getting an umbrella policy, or you want to know more about them, contact us at L & S Agency Inc. in Buffalo, NY.

 

Are you about to get business umbrella insurance in the Buffalo, NY area? If so, you’d do well to talk to an agent at L & S Agency Inc. about any concerns and questions you may have. They’ll do their best to put your mind at ease. 

What coverage do I actually need? 

The size and value of your business operation will matter a great deal here. Brick-and-mortar storefronts have an added layer of risk, since having a larger number of customers around increases the chances that someone can have an accident or cause damage in your space. 

What’s the amount of coverage for each policy? 

You’ll want to be clear on what amount would be best for your particular situation. The more risk your company has or the more assets you’d like to have covered, the higher you should request for the coverage amount. Though you shouldn’t pay for more insurance than is necessary, it’s just as important to know that you’re adequately covered in the event of a lawsuit. 

When do I need umbrella insurance? 

Just because you have a smaller operation doesn’t mean that you should wait on purchasing umbrella insurance for it. You already likely have a basic commercial insurance policy, but looking into umbrella insurance for those extra areas which might be more at risk is a smart idea. Get the coverage now so that you don’t end up with any unpleasant surprises that can set your company back by a lot. 

Will I be able to afford umbrella insurance for my company? 

Think about this from a different perspective. Can you afford not to have the right amount of coverage for your business? An accident or some type of lawsuit can cost your company a ton of money if you don’t have proper insurance in place. It could be bad enough that you have to close your business. Even if this is only for a short while, why take that risk? 

At L & S Agency Inc. of the greater Buffalo, NY area, we’re happy to help you get the commercial umbrella insurance that will protect your business. Contact us today to set up an appointment and get started. 

People purchase insurance in order to protect themselves and their families. Umbrella insurance is a type of insurance that adds extra liability coverage over and above other existing insurance policies, including home and auto insurance. Umbrella insurance is not mandatory, but it is definitely worth having it in order to have additional protection and coverage. If you are thinking of getting this type of insurance, here is what you need to know about it: 

What Needs Umbrella Insurance?

Almost everyone can benefit from umbrella insurance. The purpose of umbrella insurance is to help prevent you from paying out of pocket legal bills or medical bills for another person if you are found responsible. For example, suppose one of your guests fell and got injured on your property, and now you are responsible for it. Or, suppose you are at fault for a road accident that caused injuries to other people. Umbrella insurance will cover expenses in these unexpected situations. 

In addition, in most cases, umbrella insurance also extends to other family members, including your husband or wife, children, and other relatives in your household. This means that if your spouse causes a car accident and injured another person, umbrella insurance will protect them too. 

For this reason, umbrella insurance is good for everyone who wants to make sure that they and their family members are properly protected. 

L & S Agency Inc. – Winning Insurance Agency in the state of New York

If you are currently shopping for umbrella insurance, and you are from Buffalo, NY, or any other nearby towns, L & S Agency Inc. is the right place to contact. Our insurance company uses the latest technology and works with clients from Buffalo, NY, as well as other surrounding areas. If you have any questions about umbrella insurance, or you want to know about other insurance options available, feel free to contact our insurance company. 

Umbrella insurance is an add-on insurance policy providing liability coverage above and beyond what your standard insurance policy’s liability coverage provides. Many people assume if they are not millionaires, they do not need umbrella insurance; however, anyone can benefit from purchasing an umbrella insurance policy. Those in Buffalo, NY should speak to their agent about umbrella insurance or contact the experts at L & S Agency Inc. to learn more about umbrella insurance policies. 

What Does an Umbrella Insurance Policy Cover?

In today’s world, anyone can be sued for any reason. If you have been sued and found liable for injuries and damages, you have to pay for the costs not covered by the liability coverage section of your insurance policy. Most insurance policies have caps on the amount of money they pay out for liability claims. Umbrella insurance picks up the tab and pays for the difference. The policy pays for medical bills, repair bills, and legal fees associated with the lawsuit filed against you. 

Is Umbrella Insurance Worth It? 

If a judge decides you owe more than the limits of your insurance policy, you are financially responsible for paying for those costs out of pocket. If you have substantial assets or a high income, both can be at risk of being seized to pay for your out-of-pocket expenses. Your umbrella insurance policy will protect your assets and income by paying your costs. Additionally, if you would be unable to pay for the out-of-pocket expenses, your umbrella insurance can save you from financial ruin. 

When shopping for insurance in Buffalo, NY, don’t forget to ask about adding umbrella insurance to your existing insurance policy. If you have questions about umbrella insurance, reach out to L & S Agency Inc. experts today to discuss your options.