16 Jan 5 Reasons You Should Consider Umbrella Insurance
With ABM Insurance, you can stay focused on creating and living the life you want, while feeling confident that you’re protected from anything unexpected — and with an umbrella policy, you will certainly feel secure. Umbrella Insurance can provide additional liability coverage beyond the limits of your home or auto policy.
This coverage is designed to provide enhanced protection against mishaps that all of us know can happen, but that we don’t have the power to control or to predict when they will happen. To demonstrate umbrella’s protective powers, we put together some common reasons why you may need it:
1. You drive daily
Whether you have a short daily commute to Fitchburg or travel to Boston, you participate
regularly in a high-liability activity which increases your risk of getting into a car accident. Umbrella Insurance can help cover damages from a car accident that would exceed the limits of your auto policy. In the event of an accident that results in unexpected damages or bodily injury that leads to a lawsuit, your assets will be protected and your umbrella policy will cover costs exceeding your standard policy that you’re found legally responsible for, which can often be in the millions.
2. You frequently entertain at your home
With great hosting comes great responsibility. If one of your guests were to slip and fall inside or outside your home and injure themselves, you could be responsible for their medical bills, lost wages, or pain and suffering if they decide to sue you. Even if you did nothing wrong, you will have to defend yourself in a lawsuit, and the cost of paying a good attorney to defend you can really add up. If these fees exceed the limits of your home insurance policy, your umbrella policy would kick-in, offering additional coverage for these extra costs.
You are also responsible for people leaving your home — if your guests were to drink alcohol at your party and get in an accident, you would be at fault.
3. You drive your children and their friends
If you were to get into an accident while driving your kids and their friends, the injury count would increase dramatically. This also means if your children’s friend gets injured, their parents could potentially sue or press legal charges against you. If you don’t have Umbrella Insurance, you would be responsible for paying out of pocket.
4. You have a pet
As much as we love our pets, animals can be unpredictable and can be a major risk. If your pet were to bite someone, you could be sued to reclaim compensation for their medical expenses.
5. You have a pool or trampoline
There’s nothing better than a backyard with a pool and/or a trampoline — especially for children. However, as much fun as these backyard toys are, they are also a huge liability. Again, if someone were to injure themselves using your pool or trampoline, you would be at fault. And, it can cost you enormous sums of money to defend yourself in a lawsuit. That’s why anyone who would like to safeguard not only their current earnings but also their future wages, can benefit from having an umbrella insurance policy.
The final thing to know about Umbrella Insurance: it’s a small price to pay for a huge amount of coverage. For around $200 annually, you could get up to $1 million in excess liability coverage, beyond the limits of your homeowners and car insurance policies.
When it comes to your insurance coverage, you need more than just a great price. You need
help from local agents who understand what you are going through. Contact your local ABM
agent today to learn more about what kind of umbrella protection you need. Our team will go
right to work for you, first assessing your risks to then finding you the most affordable umbrella policy available that will meet your needs and protect your assets.