Your Umbrella Insurance: Ways It Protects You

Umbrella insurance is a unique policy option that may help many people and businesses. But is it the best option for your needs? If you’re uncertain whether you need this policy, we at Western Trail Insurance can help Oshkosh, NE residents like you better understand what this policy will do for your needs.

What is Umbrella Insurance?

Umbrella insurance is a type of liability coverage that goes into effect after your primary liability pays out fully. It helps to protect policyholders when they experience a major financial lawsuit. For example, if you get sued for $30,000 and your liability caps out at $20,000, an umbrella policy would pay the difference. But is this type of coverage necessary for you or can you do without it?

Times When It May Help You

There are many situations in which umbrella policies may protect you. These situations may not occur to everybody but are common for many businesses. They can be particularly devastating for smaller companies that simply can’t afford major lawsuits. Times when umbrella policies help include when:

  • After a serious accident in your business
  • Covering multiple simultaneous lawsuits
  • Experiencing class-action suits from many parties

As you can see, these different scenarios are things that can happen to many people and organizations. Are you afraid of them occurring in your field? If so, it is a superb choice to find an umbrella insurance policy that makes the most sense for your needs.

Finding a Strong Option

Do you think that an umbrella insurance policy is a strong option for your needs? Our team at Western Trail Insurance can help you. Our Oshkosh, NE representatives fully understand the unique coverage protection inherent with these policies and will do what they can to help you get the best results possible.

Umbrellas are for that Rainy Day

Umbrellas are not needed when the sun is shining. But they are needed for that rainy day. For when the rain comes down in sprinkles or in downpours, it helps to have an umbrella handy. It’s the same with insurance. Umbrella insurance covers those unexpected things that can happen for which you are not prepared. It is also like gap insurance because it covers the "gaps" that other types of insurance do not cover. 

What Umbrella Insurance is For

Types of situations umbrella insurance covers are listed below:

  • Homeowners’ insurance
  • Boat or RV insurance
  • Personal liability insurance
  • Property damage (yours or someone else’s)
  • Auto (gap coverage)

There may be other types of things umbrella insurance will cover, as well. It depends on the limits of your primary insurance and the terms of your specific umbrella insurance policy. One way to learn more about what your policy might cover is to visit your Western Trail Insurance Firm that covers the Oshkosh NE area. They have experience selling and maintaining policies for an umbrella or gap insurance policy and they can map out a plan for you, as well. 

How Much Do I Need?

The amount of coverage you need will depend on what the value of something is based on how hard it would be to replace it, the standards and limits of your primary policy, and other factors. If you think you have some high-risk areas where you are not covered enough, you may want to invest in umbrella insurance for that extra protection.

Visit with your insurance professionals at Western Trail Insurance if you are in the Oshkosh, NE area and save big on umbrella insurance. 

Remember, umbrellas are for that rainy day.