Many people may be unaware or unclear of what umbrella insurance is and what it does. However, its benefits may create peace of mind if it makes sense to invest in this form of insurance. Our team at Coastal Premier Insurance Group is committed to helping Boca Raton, FL residents understand this insurance and its benefits. 

What is Umbrella Insurance?
Umbrella insurance is simply a second insurance policy designed to provide coverage once the maximum limits have been exhausted on your primary insurance policy. It’s designed to provide liability and protection against unforeseen events, like property damage, injury, and even legal situations.

Who Should Invest in Umbrella Insurance?
If you have significant assets that you want to protect, umbrella insurance may be a good option for you. What are "significant assets" you may ask? Significant assets or substantial net worth can be defined as assets that exceed the limits of your homeowners’ and auto insurance policies. Once the limits of your primary insurance policy have been met/maximized, umbrella insurance kicks in to cover anything that’s not covered by a primary insurance policy.

Umbrella insurance is designed to provide coverage in excess of a million dollars or more as protection against expensive claims or lawsuits if you have a particularly high net worth and/or many assets. It isn’t a legal requirement, but an option to invest in a secondary insurance policy designed to meet the needs of your assets and net worth. If you have a lot of assets, a high net worth, or a high chance of being sued, umbrella insurance might be a wise investment. If you have questions about umbrella insurance and think you could benefit from this type of insurance, give us a call. We’re standing by. 

Umbrella insurance is a type of liability coverage that can protect you from financial ruin if you are sued and lose. It provides additional protection beyond what your home and car insurance provides, such as injuries to other people or damage to their property. However, it’s important to know how umbrella insurance works before deciding if this coverage is right for you.

An umbrella insurance policy kicks in when the damages from a single incident exceed the limits of your other policies. For example, if you are sued for $1 million after an auto accident, and your home and car insurance only provide coverage up to $500,000 combined, your umbrella insurance policy would pay the remaining $500,000.

Umbrella insurance can also protect you in situations not covered by your other policies. For example, if you are accused of libel or slander, your umbrella insurance policy may cover legal expenses. However, note that most umbrella insurance policies do not cover intentional acts.

While it may seem unnecessary to have an additional policy, adding an umbrella insurance policy can be a wise financial move. Suppose you are sued for damages exceeding your other policies’ limits. In that case, you could face the prospect of losing your home or car while continuing to pay expensive premiums on your insurance policies. Umbrella insurance can prevent this from happening and protect you from financial ruin.

When choosing an umbrella insurance policy, it is important to know the policy’s limits and what is and is not covered. Be sure to read the fine print to know exactly what you are buying. Also, be sure to shop around for the best rates. You may be surprised at how affordable umbrella insurance can be.

If you are looking to add an umbrella insurance policy to your insurance portfolio, contact Coastal Premier Insurance Group in Boca Raton, FL, today. We would be happy to discuss your options and help you find the right coverage.

As a business in Boca Raton, FL, you know the importance of having business insurance. However, you may not know the importance of supplemental insurance in the form of business interruption insurance. In fact, you may have never heard of it if you are a new business. This type of supplement coverage can be invaluable to your business in the event that your business must close due to unforeseen circumstances. The team here at Coastal Premier Insurance Group wants to ensure you know more about business interruption insurance so you can make an informed business decision about this type of policy.

What It Covers

Although specific coverage will vary from one insurance company to the next, there are basic things that will be covered. For instance, in general, you can expect any profit your Boca Raton business earns to be compensated while your doors are closed. The funds you receive can be used to cover payroll costs as well until you are up and running again. In addition, any loan payments, taxes, and other business-related expenses will be covered.

What It Doesn’t Cover

Like any other insurance policy, business interruption insurance will not cover certain types of losses. For instance, as a general rule, your policy will not pay out if you are only partially shut down. In addition, if you are unable to provide proof of income, you likely won’t be compensated. Finally, the policy will only pay out for covered events outlined in your policy.

Who Needs It?

Ultimately, any small business needs to have a business interruption insurance policy, as it can offer much-needed supplemental protection in the event of an unforeseen catastrophe. Usually, this type of policy can be added to your current property insurance.

You never know what could happen to your Boca Raton, FL business, so reach out to us at Coastal Premier Insurance Group and let us help you ensure your business has the protection it needs when you need it most.

If you have primary coverage such as auto, home or boat insurance, chances are you have come across the term umbrella insurance. But with these existing policies, why would you get extra coverage? Unlike other safeguards, umbrella insurance is designed to give you protection when unforeseen events lead to damage exceeding your primary policy. If you reside within Boca Raton, FL, this coverage will prove essential in protecting you from unexpected emergencies. Below, Coastal Premier Insurance Group discusses whether umbrella insurance is worth it.

Protects You Against Bodily Injury Liability

Suppose you cause an accident that results in expenses exceeding your auto insurance. In that case, umbrella insurance kicks in to cover the ensuing costs. These will often include injuries to other parties, helping you cover any 3^rd party medical expenses. Your visitors can also get injured while visiting your home, resulting in significant hospital bills. If your home insurance can no longer cover these expenses, umbrella coverage will come in handy in helping you pay for these costs.

Covers Your Property Damage Costs

Just like bodily injury liability, your auto insurance will also likely get exhausted when you cause considerable damage to other parties’ property. If this happens, umbrella insurance sets in to pay for the repair or replacement expenses. If your guests’ property also gets damaged during a visit to your home, umbrella insurance will help you cover the costs needed to fix the damage caused.

Protects You From Other Personal Liability Claims

Some personal liability claims may not be covered by the underlying covers, requiring you to get extra coverage. Umbrella insurance helps you cover these claims, including libel, slander, malicious prosecution, and false arrest. If you are also sued for mental anguish, your umbrella policy ensures that your legal fees and damages are paid for. Individuals with rental units are also covered by this policy, helping you pay for any bodily injury sustained by visitors.

The above safeguards prove that umbrella insurance is a worthy cover to get, helping you keep your assets secure when you encounter emergencies. Consider giving Coastal Premier Insurance Group a call today to get umbrella insurance designed with Boca Raton, FL protection mechanisms in mind.

If you are a business owner in Boca Raton, FL, you already understand the importance of having business insurance. In case you forgot, commercial insurance is your safety net that protects your business financially from a loss. But should you keep updating your insurance coverage? Well, keep reading for more insights.

Every business has objectives. Some goals include increasing end-of-year profits, have a bigger office space, and expanding the workforce. However, as you grow, you need to grow with your commercial insurance. To that end, changes in your company should be reflected in your business insurance policy to keep you fully covered. We at Coastal Premier Insurance Group have prepared instances that signal it’s time to update your policy.

Change of operating location 

Moving to a new location? Your insurer should know when your business’ address change. If you fail to inform your insurer, you risk not covering your new building or any equipment stored inside. 

Change of employees

Your workers’ comp insurance policy is calculated per employee headcount. If you hire more employees, you must include them in your commercial insurance. Similarly, if some employees exit, you should update your policy. This way, you won’t underpay or overpay your premiums. 

Expanding your product portfolio

Business owners know the importance of having insurance for their products. Any defect in your products could cause injury, loss, or even death which could attract lawsuits. To that end, ensure you protect all your products in the event of a claim against your company. If you introduce a new product, you should also include it in your insurance policy. 

Commercial insurance in Boca Raton, FL 

The above list isn’t exhaustive of why you need to update your commercial insurance. For more information, please contact Coastal Premier Insurance Group. Let’s take care of your insurance needs as you focus on your business.

When you have an auto policy and a home policy, you may be a good fit for umbrella insurance. This extra coverage adds to the liability insurance you have included in your existing insurance policies. If you are interested in supplementing your liability coverage, contact us at Coastal Premier Insurance Group in Boca Raton, FL.

Liability Coverage

The liability coverage that you have with your auto and home policies is an important part of those policies. This is the portion that pays for accidents that you are found liable for. After an accident, whether it is at your home or in your vehicle, there may be a number of bills for medical care and/or for damage to property. These can be extremely expensive bills, but with liability coverage in place, those bills are taken care of. However, you may not have enough liability coverage from just your auto and home policies. That’s why so many people choose to purchase umbrella insurance. 

Umbrella Insurance

After an accident, your auto or home policy will pay for the resulting bills. However, they have a maximum amount they will pay, and this is often quite low. It may not be enough to pay for a serious incident. When you get umbrella insurance, you get liability insurance that is added to what you have in your auto and home policies. The umbrella policy adds an enormous amount to your liability coverage so that you won’t be paying for those medical and property bills alone. It works alongside those policies. When they max out, the umbrella policy comes in and pays the overage.

Get an Umbrella Policy

If you want more liability coverage so that you are better protected, call us at Coastal Premier Insurance Group in Boca Raton, FL to find out more about umbrella policies.