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Quote Savant

7400 Gaylord Pkwy
Frisco, TX 75034

Does Umbrella Insurance Cover Lawsuits?

The best way to answer this question is to look at the specific policy language. The umbrella policy should provide coverage for claims against the insured that arise out of an occurrence. 

The umbrella policy will not cover acts of war, nuclear hazards, bodily injury, or property damage caused by alcohol or drugs, and it won’t cover any claim arising from a crime. For inquiries, reach out to Quote Savant in Frisco TX.

Umbrella Insurance: What You Need To Know

While most types of umbrella insurance will cover your home and auto insurance if you suffer a loss, it may not cover your medical expenses or lost wages if you lose your job because of the accident. There may be some type of umbrella policy that will cover your job if you are out of work due to an accident. 

As with any insurance policy, you should be sure that your umbrella insurance covers the types of things that you want to be protected before you purchase it. For example, if you purchase home insurance that only covers the value of your home, then it will not cover any house damage such as chipped paint or a broken window. 

Enduring only as long as the primary policy term, umbrella coverage tends to be pricey, costing an average of 50% more than the cost of purchasing a primary policy. Additionally, to be considered ‘unconditional’, your umbrella policy must pay out regardless of the circumstances or fault of the incident that caused the claim. 

On the other hand, if you purchase a home insurance policy that also covers items such as landscaping or antiques, then you will be covered if anything happens to your home that is not inside of its listed coverage. 

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If there is coverage for lawsuit claims arising out of an occurrence, then there should be coverage for lawsuits against the insured arising from those occurrences. Although it may seem like a no-brainer to purchase umbrella insurance, it’s actually a common mistake for many to overlook. 

Most types of insurance cover the cost of a claim if they end up having to pay out. However, not all types of insurance cover the risk of being sued. For expert advice in the greater Frisco, TX community, give us a call at Quote Savant.

Different Industries That Need Umbrella Insurance

Quote Savant assists the Frisco, TX community and surrounding areas. We strive to help our clients obtain coverage. We recognize that each of our clients has unique needs. That’s why we are committed to finding custom policies, so they can be protected regardless of what life brings. We work closely with multiple carriers throughout the South.

Different Industries That Need Umbrella Insurance

Life is full of unpredictability. If you don’t have a plan in place, one mistake can ruin everything. Consider the benefits of umbrella insurance. Umbrella insurance is supplemental coverage that is typically added to the home, auto, and commercial insurance policies. Accidents can happen at any moment. While liability insurance offers a layer of protection during these unfortunate times, it may not be enough in every situation. Umbrella insurance steps in once you have exhausted your liability limits handling a dispute. The policy can protect you from possibly losing your assets due to potential litigation. Umbrella insurance is beneficial to multiple industries.

Restaurant Industry

Operating a restaurant means you have to navigate a lot of rights and responsibilities. You are exposed to potential liability lawsuits in multiple ways. Perhaps a customer slips and falls on a wet spot entering your restaurant, damaging their hips. Perhaps you serve a patron one too many glasses of alcohol, and they cause an auto accident once they leave your restaurant. These are common situations where umbrella insurance steps in to prevent you from possibly losing everything.

Construction Industry

As a Frisco, TX contractor, you work on high-risk projects on a regular basis. Perhaps one of your tools accidentally injuries someone, or you cause serious property damage. Umbrella insurance will protect you during potential litigation.

Quote Savant Will Help You Protect Your Assets

Contact us today to learn more information about umbrella insurance.

 

How Umbrella Insurance Works

Umbrella insurance is a type of insurance policy that adds liability protection to insurance policies that you already have. It’s a type of insurance that gives you better coverage from the home and auto policies that you have in place. If you are interested in umbrella insurance, give us a call now at Quote Savant in Frisco, TX to find out more. 

Umbrella and Home Insurance

When you already have home insurance, it may not be enough coverage for your liability. If someone were to have an accident in which they were injured on your property, you could owe a lot in medical bills and other costs. If you have umbrella insurance, this adds liability insurance over and above what is contained in your home policy. This gives you much better coverage in the case that there is an accident on your home or in your yard. 

Umbrella and Auto Insurance

Auto insurance works with umbrella insurance in the same way that it does with home insurance. It adds extra liability insurance on top of the coverage you already have with your auto policy. First, the accident happens. Then, your auto insurance kicks in and pays what it can. Next, if there is any left over after your auto insurance has paid, your umbrella insurance policy will pay for that. Umbrella policies have very high maximums that they will pay out, so it’s unlikely that there would be any overage above that. This keeps you much better protected in case there is an accident with your vehicle that you are responsible for. 

Get More Liability Coverage

If you don’t have umbrella insurance, you may be left vulnerable to high bills after an accident. If you want an umbrella policy, give us a call today at Quote Savant in Frisco, TX. 

Umbrella Insurance and Liability

Having enough insurance can often be tricky. Just because you have an insurance policy, that doesn’t mean you have enough coverage, and that’s especially true for liability insurance. With medical bills so high today, it’s always important to have plenty of liability protection. If you are interested in getting an umbrella policy to raise your liability coverage, call us today at Quote Savant in Frisco, TX.

How Umbrella Insurance Works

Umbrella insurance works alongside your existing home and auto insurance policies. When there is an accident that you are liable for, your home or auto policy will step up and pay for the bills that come from it. This is generally medical bills and property damage bills. However, because home and auto policies usually have a low amount of liability, they may not pay out enough for all of those bills to be paid. When this happens, your umbrella insurance policy can kick in. It then pays the amount left over after your home or auto policy has paid. This allows serious accidents to be paid for without you having to come up with the money yourself.

Why Umbrella Insurance?

Many people wonder why they should get an umbrella policy when they can simply raise the amount of liability insurance that is contained in their home and auto policies. This is certainly possible to do, but it is also very expensive to do. Raising the liability coverage on both of those policies can be prohibitively expensive for many people. Getting umbrella insurance is reasonably priced even for a very large maximum payout. 

Get Your Liability Coverage

If you’re thinking about an umbrella insurance policy, contact us at Quote Savant in Frisco, TX to find out more about them.

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