The agents of Ty Lawrence Insurance Agency are available to help business owners in Austin, TX determine if they can benefit from umbrella insurance coverage. Umbrella coverage normally goes up to $1 million or more in order to effectively cover any lapses that may occur over and above your traditional coverage. This type of coverage not only protects your assets but is also designed to protect your future as well.
Is Umbrella Insurance the Answer?
If your company has a net worth of over $1 million, it’s a good idea to have an umbrella insurance policy in place to protect your assets. The risk of loss in this type of situation can be devastating for a business. If you are sued or forced to pay the medical bills of someone who was injured on your property and the total payout exceeds more than your traditional policy’s limits, your business could suffer.
What Is Exempt From Umbrella Coverage?
While umbrella coverage will cover the excess in a liability case, it won’t help at all in a Worker’s Compensation case. Umbrella insurance coverage can also cover settlements that are also negotiated outside of lawsuits. Umbrella coverage does have its limits. The amount of coverage each policy provides will be dependent on the terms of coverage in each case.
In Austin, TX, business owners can purchase an umbrella insurance policy to protect their company from devastating financial loss if they are sued or are liable for a customer’s injuries that were received while on the property. The agents of Ty Lawrence Insurance Agency their customers to call their office to schedule an insurance review to determine that all of their insurance needs are being met.
Imagine being the culprit of a major car wreck and you are on the line for nearly $1 million in injuries, damages, and legal fees. The issue that your insurance will only up to $500,000 and the damages, injuries, and legal fees are over $1 million. This would make you liable for the other half of the costs while your insurance company can bail on the other half of the responsibility. Instances like this, which is not limited to auto insurance, is why much high-net-worth or high-risk individuals in Austin, TX will have umbrella Insurance handy. If you are in the market for your own insurance plan, try consulting with Ty Lawrence Insurance Agency.
Think of umbrella insurance being a wide-spread legal coverage that will protect you from a wide variety of risks, much like an umbrella protecting yours from the rain. The same example mentioned above can also be compared with disasters happening within your property. Keep in mind that umbrella insurance may negate claims that are intentional or are restated to your business.
Aside from home or auto coverage, it can also handle very unusual claims. This may include something like a false arrest or wrongful imprisonment claim. Imagine having a big lawsuit for something that isn’t even conceivable by an insurance company; you would otherwise pay the costs out of your pocket.
Considering the low yearly costs of making insurance payments, umbrella insurance is a great investment if you are worried about being hit by big lawsuits. Some insurance companies may even offer bundled discounts when adding umbrella insurance with other policies. If you are in the market for umbrella coverage in the Austin, TX area, Ty Lawrence Insurance Agency is a great place to start your search.