Umbrella insurance is a kind of insurance that is used as coverage for when caps are met on other insurance policies, or when you are facing a unique liabilities situation. You don’t need to be a business owner to need umbrella insurance, but it does help to serve as additional protection in a commercial setting.
At M8 Insurance, we want Salt Lake City, UT residents and business owners to be protected from every possible liability scenario. Find out if you need Utah umbrella insurance.
What is Umbrella Insurance?
Umbrella insurance is an insurance policy that provides protection against liabilities where the costs extend beyond base caps and base policies. If you have a car accident for example, and your own auto insurance policy does not offer enough coverage, you can make a claim on your umbrella insurance. The same applies to liabilities on your homeowner’s insurance.
There are other legal scenarios in which umbrella insurance is frequently used:
• Libel, slander, and defamation
• False imprisonment
• Malicious prosecution
• Illegal eviction or unlawful entry by landlords
• Privacy invasions
Do You Need Umbrella Insurance?
You may want umbrella insurance if you are worried you might get wrongfully sued or if you have some additional professional concerns. Tenants could also benefit from it, as we live in a world where landlords like to bend the rules to take advantage of tenants.
People with wealth are also often targets of crime and malicious lawsuits. So are people that serve on the boards of non-profits.
This is a world of lawsuits. Additionally, there are liabilities everywhere. If you have a pool, staff in your home, parties in your home, or a lot of people in your place of business, you could benefit from umbrella insurance.
Where there are extra people, there are places where you increase your exposure to frivolous lawsuits or crime.
Get a Quote
If you are wondering if you need umbrella insurance, then you probably do. It is an affordable way to increase your security and protect you from risks. At M8 Insurance, we want Salt Lake City, UT residents to be protected from every risk. Call us for a quote today.
