Umbrella insurance sounds like a good idea but it might not be right for everyone. Before signing an umbrella package, you’ll want to look at what it can offer you. If you are unsure of what to do in your situation, talk with our agents for guidance at Coastal Premier Insurance Group.
You have to consider that there are some things that umbrella packages will not cover in Boca Raton, FL or anywhere else for that matter. For instance, you’re going to have a hard time finding an umbrella package that includes a policy to protect you from liability claims against your business. Umbrella coverage may be a great option to build a foundation for your business. It can cover against personal claims and property damage, but a business has many insurance needs. Even with an umbrella plan in place, you’ll need to make sure that your existing business insurance policies do not leave you coming up short to cover the damages.
Furthermore, you still need to have basic coverage in place for your home, your auto, and so on. Umbrella is not an all-in-one policy so much as a "just-in-case" plan to lean on should you need to make a claim for damages that exceed your existing coverage.
That said, the deal you can get on an umbrella plan vs. paying for higher premiums on a half dozen individual policies can be significant. Ultimately, the umbrella policy will help. Instead of buying a series of robust policies, you buy one plan that offers additional coverage to all of them.
An umbrella policy is there to put the extended limits on your current policies. It goes the distance when you reach your policy limits. Talk with an agent at Coastal Premier Insurance Group in Boca Raton, FL to learn more about what an umbrella policy can do for you.