Despite the fact that you may have a homeowner’s insurance policy and an auto insurance policy, you may still be unprotected from a number of unanticipated factors and lawsuits, which can end up costing significant amounts. Umbrella insurance varies from other kinds of primary insurance policies because it takes into account a variety of different factors and liabilities that can result in huge legal expenses and substantial payments. Therefore, umbrella insurance policies may offer broader coverage than underlying insurance policies to protect you and your property from high property damage claims, medical expenses, and other kinds of liability.
St. Louis Insurance Company has been in the personal and business insurance industry for over 70 years, developing a strong reputation, based on a client-oriented approach to structuring insurance policies. Located in St. Louis, Missouri, St. Louis Insurance Company specializes in providing innovative and comprehensive coverage solutions to all our clients. Our client retention rates are a testament to our business philosophy.
If you would like to request an insurance quote for an umbrella insurance policy or you would simply like to learn more about this type of coverage, contact us today.
Insurance policies can be structured in a number of ways in order to protect individuals from unanticipated or unplanned events and losses. However, with car insurance or homeowner’s insurance policies, there can often be significant liability exposures where an individual needs additional coverage. The purpose of umbrella insurance is to offer excess limits to protect a person from large liability losses that could result in large types of financial loss.
Standard insurance policies typically only offer financial compensation for bodily injury and property damage to you or others up to certain amounts. However, there may be liability that these underlying policies may not cover because the amount exceeds policy limits or because of the type of claim. Therefore, you could be financially responsible for additional expenses or judgments.
Umbrella insurance policies are designed to protect individuals against these circumstances. Umbrella policies may fill the liability ‘loop-holes’ present within standard insurance policies. Therefore, in the event that personal insurance policy limits are used up, umbrella insurance can protect individuals from bearing the financial consequences of a serious accident or injury.
Umbrella insurance policies are not strictly reserved for the personal insurance market. Businesses can also purchase umbrella insurance policies to protect them from a multitude of liability factors, which exceed or are absent from typical business insurance coverage policies.
For businesses, there are many different types of accidents and lawsuits that can become extremely costly. These range from accidents caused by employees while on the job or accidents caused by company equipment, autos etc. Umbrella insurance policies may protect business owners from the risk of employee or customer lawsuits. Like personal umbrella insurance, business umbrella insurance, or excess liability insurance, insures a business for an amount that is greater than what standard insurance plans provide. Therefore, umbrella insurance can be a valuable back-up option when other insurance policies are exhausted.
In some cases, umbrella insurance may be the only thing preventing an individual or business from selling important assets, incurring large amounts of debt or bankruptcy. In today’s environment, there is no such thing as being too careful. Therefore, the protection that umbrella insurance policies offer for you, your family, or your business can be critical. Contact St. Louis Insurance Company to learn about various umbrella insurance options or to request insurance quotes.
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