Liability Umbrella Insurance
As an independent insurance agency, we are associated with over 50 top rated insurance companies that offer the products that most appropriately meet the needs of our clients. Contact us today for a FREE quote!
Unlike a captive agency that only represents one company, we are an independent insurance agency allowing you the choice of company, policy, and pricing. Our team is staffed with proven professionals to help guide you through the quoting process. We find the coverages you need at the prices you want. Once you become a client we are committed to providing you with the quality service you expect.
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When you insure with us you have choices! Quote over 50 top rated insurance companies and choose the coverages you want and need when insuring your assets.
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We quote all of our companies to ensure we are finding you the coverage you want at the best price possible. Our team continues this effort by checking rates at each policy renewal!
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Liability Umbrella Insurance
Liability Umbrella Insurance is an essential safeguard that provides additional liability coverage beyond your primary insurance policies. Liability Umbrella Insurance is a type of insurance that offers additional protection beyond the limits of your existing liability policies, such as home or auto insurance. It acts as an extra layer of security, covering expenses that exceed the limits of your primary insurance policies in the event of a claim.
Liability Umbrella Insurance is necessary to protect your assets and future income. In today’s litigious society, lawsuits resulting in substantial financial damages are increasingly common. Suppose you are held liable for an accident or incident that causes significant injury or property damage. In that case, your primary insurance coverage may not be sufficient to cover the resulting expenses. Liability Umbrella Insurance steps in to provide the additional funds required, potentially saving you from financial ruin.
Liability Umbrella Insurance provides coverage when the limits of your primary insurance policies are exhausted. For example, if your auto insurance has a liability limit of $300,000, but you are sued for $1 million in damages, your primary auto insurance will cover the initial $300,000. However, if the remaining $700,000 exceeds your policy’s limit, Liability Umbrella Insurance will cover the outstanding amount, subject to the coverage limit you choose.
The cost of Liability Umbrella Insurance varies depending on various factors, including your assets, desired coverage limit, and the insurance provider. Generally, the cost increases with higher coverage limits. However, considering the potential financial devastation of being underinsured, the premium for this added protection is typically quite affordable. It is advisable to consult with an insurance professional who can assess your specific needs and provide accurate cost estimates.
To acquire Liability Umbrella Insurance, you can reach out to reputable insurance providers. Many insurance companies offer this coverage as an add-on to your existing policies. Ensure you evaluate multiple options, compare coverage limits and premiums, and consider customer reviews and ratings before making a decision. It is also beneficial to consult with an insurance agent who can guide you through the process and help you select the most suitable policy for your needs.
With the increasing potential for unforeseen accidents and the rising costs of liabilities, Liability Umbrella Insurance provides crucial protection for your assets and financial stability. Understanding what it is, why you need it, how it works, estimated costs, and where to acquire it are vital steps toward safeguarding your future. By taking proactive measures and investing in Liability Umbrella Insurance, you can ensure that you are well-prepared to face any unexpected liability challenges that may arise.
At Insurance Group of Minnesota LLC, our policies are tailored to meet the unique needs of each customer. We offer flexible coverage options, competitive rates, and exceptional customer service to ensure that our clients have the peace of mind they need to insure their assets with confidence. Our liability umbrella insurance products can provide additional insurance coverages including:
- Excess liability coverage
- Additional insured endorsement
- Defense costs coverage
- Worldwide coverage
- Personal injury coverage
- Advertising injury coverage
- Contractual liability coverage
- Non-owned watercraft liability coverage
- Non-owned aircraft liability coverage
- Employers liability coverage
- Professional liability coverage
- Cyber liability coverage
- Liquor liability coverage
- Auto liability coverage
- Products liability coverage
- Business interruption coverage (for commercial umbrellas)
- And more!
With countless options and so much jargon to sift through, navigating the world of insurance can be daunting. But fear not! Our team of experts is here to help you learn more about insurance and the multiple companies and products available to you. View our Blog page to read more!
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