The History of 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.

Three challenges you may face when you buy umbrella insurance

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.

What is Commercial Umbrella Insurance and Why Does My Business Need It?

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!

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.