Umbrella insurance is one way to secure additional protection for your home or business. At Agency Advantage Insurance in West Bloomfield, MI, we can help you explore your coverage options.

What is Umbrella Insurance?

Umbrella insurance provides coverage above and beyond the limits of your other policies. Umbrella insurance is especially beneficial for people with assets exceeding policy limits or at higher risk of liability claims. There are two general types of liability insurance: personal and commercial. 

Personal Umbrella Insurance

Personal umbrella insurance supplements your personal policies. You can take out this kind of policy to ensure your home, vehicles, and recreational vehicles are covered when their value exceeds your auto insurance limits. You can also lean on umbrella insurance for additional protection against personal liability claims that exceed other policy limits. 

Commercial Umbrella Insurance

Commercial umbrella insurance supplements your commercial policies. Companies must pay any legal costs, medical costs, settlements, judgments, and damage to other people’s property over their policy limits. Umbrella insurance can cover those amounts, eliminating unexpected – and sometimes astronomical – expenses. 

This kind of insurance works with your other commercial policies, like commercial auto insurance and general liability insurance. If a claim is filed, those plans will pay up to the limit, and then commercial umbrella insurance will kick in, covering any out-of-pocket costs above the limit(s). Common expenses include bodily injury, lawsuits, and property damage. 

If the value of your assets exceeds the limits on your personal or commercial policies, you may need an umbrella policy. The team at Agency Advantage Insurance in West Bloomfield, MI is here to answer your questions. Please stop by or call us today!