Category: Umbrella Insurance

Umbrella insurance is coverage that extends beyond the limits of your primary insurance policies. It can be paired with homeowners, auto, or commercial insurance as an extra protection layer. If a lawsuit maxes out your policy limits, umbrella insurance steps in to cover the remainder. However, not everyone is familiar with umbrella insurance or its history. This article provides a brief overview of its origins and development.

The Genesis of Umbrella Insurance

Umbrella insurance has roots dating back to the late 19th century, originating after the Employers’ Liability Act of 1880 was enacted. This Act came into existence as individuals sought compensation after workplace injuries. Yet, umbrella insurance only became widely used in the mid-20th century. Around the 1950s and 1960s, individuals and businesses recognized that umbrella insurance could protect them from out-of-pocket liability costs. While initially, people and companies experienced financial hardships due to lawsuits, the emergence of umbrella insurance changed the panorama.

The Evolution of Umbrella Insurance

The rules and types of coverage have evolved considerably over the years. While the feature of additional liability coverage remains unchanged, there’s much to expect from the future of umbrella insurance. As revisions are continually made to serve policyholders better, umbrella insurance will continue to protect against unexpected expenses with even greater efficacy.

Walker and Associates Insurance Agencies Inc.: Securing Your Future

If you’re a Fillmore, NY resident looking for an insurance provider, Walker and Associates Insurance Agencies Inc. is here for you. We offer coverage beyond Fillmore, NY, and we take immense pride in exceeding our customers’ needs and expectations. Don’t just take coverage for granted; go the extra mile with umbrella insurance. Contact us today for a quote.

Umbrella insurance can offer comprehensive protection to consumers in Fillmore, NY. However, navigating its complexities can be daunting. Fortunately, we’re here to help at Walker and Associates Insurance Agencies Inc. 

The following are three challenges that we can help you with when you buy umbrella insurance:

Thoroughly understanding the terms of your umbrella insurance policy

Understanding the terms of an umbrella insurance policy is essential for informed decision-making.

Consumers need to take the time to carefully read through their policy so that they fully understand it and won’t face any unpleasant surprises about their coverage down the road. 

Deciding how much umbrella insurance coverage to buy

Choosing the right amount of umbrella insurance coverage demands thoughtful consideration. Assess your assets, potential risks, and existing liability coverage.

Investing in enough umbrella insurance coverage ensures that you’re adequately protected in the face of unexpected events. Your umbrella insurance policy should ensure your financial well-being and provide you with peace of mind.

Being eligible for umbrella insurance coverage

Meeting the eligibility criteria for umbrella insurance is essential. Some consumers don’t realize that there are eligibility requirements for umbrella insurance until they start looking for coverage.

An umbrella insurance policy typically has primary liability coverage requirements that you need to meet with your home and auto insurance policies. You also need to meet these requirements with any other primary liability coverage policy that you carry. 

When you are shopping for umbrella insurance, you should have the details of your primary liability policies handy so that you can make sure that you are eligible for umbrella coverage. 

Consult With Us

Let us help you secure your financial future in Fillmore, NY with our umbrella insurance coverage at Walker and Associates Insurance Agencies Inc. Don’t wait—get a quote now so that you’re confident that you have all the coverage you need.

As a business owner in Fillmore, NY, you understand the importance of protecting your business from financial losses due to unforeseen events. While your standard insurance policies may provide coverage for these risks, there are certain scenarios that may still leave you unprotected. Walker and Associates Insurance Agencies Inc. is here to assist with all your queries.

What is Commercial Umbrella Insurance? 

Commercial umbrella insurance provides additional liability protection above limits included in your standard policies such as general liability, automotive liability, employer liability, and so on. It kicks in when the costs associated with a claim exceed the limits of those policies. For example, suppose you have a general liability policy with a limit of $1 million but the costs associated with the claim exceed that limit. In that case, commercial umbrella insurance will cover any expenses beyond that amount up to its limits. 

Why Does My Business Need Commercial Umbrella Insurance? 

Umbrella insurance gives you peace of mind knowing that you have extra protection if an unexpected event should occur. The additional coverage provided by this type of policy can help protect both your business and personal assets from large losses due to claims or lawsuits. 

Having umbrella insurance also helps protect your company’s reputation by ensuring that all claims are handled appropriately and quickly without any financial strain on the company itself. Furthermore, many customers require businesses to carry this type of coverage before signing contracts — so having it can be beneficial in terms of securing new business opportunities in Fillmore, NY as well.  

Get The Right Coverage For Your Needs

Contact Walker and Associates Insurance Agencies Inc. – speak with one of our agents today! We’ll be happy to assess your needs and provide guidance on how best to protect yourself with commercial umbrella insurance!