What Does Umbrella Insurance Cover?

Umbrella insurance will help protect you from financial loss if your main insurance policy does not cover a certain risk. It only covers the items listed in the contract of a specific insurance policy. If living in the greater Fillmore, NY community, reach out to Walker and Associates Insurance Agencies Inc. for any insurance-related inquiries.

Know More about Umbrella Insurance 

Umbrella insurance can protect you against a range of unfortunate events that might otherwise cause you financial hardship. It may cover loss of income because of sickness, injury, or accident; loss of assets due to natural disasters like floods, earthquakes, or hurricanes; or even the cost of hiring a replacement in the event that a major expense like the mortgage or rent comes due. 

Some policies may even provide a lump sum payment to help you get back on your feet. Any risk that cannot be completely mitigated by another form of insurance, such as a large expense that would normally require a lot of cash on hand, may be covered by an umbrella policy. This may include the cost of major repairs to your home, medical expenses that exceed a certain amount, or the cost of replacing your car in the event of an accident. 

Some umbrella policies also offer coverage for lost wages if you are unable to work due to an accident, as well as legal expenses if you find yourself in a dispute with a contractor or a supplier. Some protect you financially if something bad happens like a fire or an injury. Other types of insurance protect you from a situation like losing your job or having a medical condition.

Umbrella insurance can help cover the medical expenses of individuals who were injured or became sick due to contaminated food, workplace hazards, or any other unforeseen event. It can also be helpful for covering the financial burden of an employee who becomes seriously ill or injured. This type of insurance is commonly referred to as “secondary” because it is not meant to replace the need for “primary” health insurance. It can be pricey, so it’s important to choose a policy that offers a large enough benefit and low enough cost to be affordable. 

Contact Us Today

Umbrella policies come in many forms and can be purchased either as a stand-alone policy or as a rider on a commercial insurance policy. The insurance covers your liability if you exhaust your main cover. It can help protect you from expensive lawsuits by providing a financial safety net in the case that an employee sues you. To learn more about your insurance options, give us a call today at Walker and Associates Insurance Agencies Inc. in Fillmore, NY.