Is umbrella insurance only for the wealthy?

One of the many myths surrounding umbrella insurance is that it is only for the wealthy. Nothing could be farther from the truth. What it does is help protect your wealth from the many dangers that put it at risk. At Asheville Insurance Center in Asheville, NC, we can dispel the myths about umbrella insurance and help you to understand what value it has for you. 

What is umbrella insurance?

Umbrella insurance is excess liability coverage that can supplement any policy you already have with liability protection. Many different types of insurance policies have liability coverage as one of their lines. Policies like home, auto, condo, renters, and more all have liability coverage. When you choose to add an umbrella policy to your coverage, your primary policy will pay up to its limit, and then the umbrella policy will add the additional coverage. Usually, umbrella policies begin at around one million dollars. 

Who should have umbrella insurance?

If you are wealthy, you most certainly should have umbrella insurance. But anyone with assets should protect what they have worked hard to earn. This can be the home you love, a cherished collection you have accumulated, or even your vehicle. Defining wealth is a very fluid thing. A millionaire defines wealth differently than a young comic book collector. Still, at the end of the day, they can benefit from an additional liability coverage to protect their possessions from being lost to legal action against them. 

At Asheville Insurance Center in Asheville, NC, we are independent insurance agents who work hard to ensure our customers have the insurance they need to protect their assets. Call us to learn more about umbrella insurance and what it can do for you. 

Why Should I Consider an Umbrella Insurance Policy?

Asheville, NC residents are not compelled by law to purchase umbrella indemnification, as this insurance is always voluntary. However, many choose to invest in this protection as it can guard against financial loss. 

Umbrella insurance always coexists with another policy and typically will have higher limits than your primary coverage. It will begin to cover your expenses once your other indemnification has been exhausted. 

When reviewing your financial picture and the types of insurance you have, it’s good to examine whether expenses could supersede the limits of your policies. In addition, umbrella insurance can extend to other scenarios that fall outside what is included in a primary policy. 

Suppose you have items that are costly to replace, for example, a cache of expensive jewelry or a collection of rare antiques. In that case, you may consider adding umbrella insurance to your homeowner’s coverage. Your Asheville Insurance Center representative can go over specific incidents that would be covered. 

If you have a business, you can add commercial umbrella insurance to your liability plans, extending to your property, automobiles, and more. Asheville, NC entrepreneurs face additional hazards regarding product safety and consumer satisfaction, as well as advertising requirements and the possibility of consequences due to errors and omissions. 

People who own boats and valuable equipment can also purchase umbrella insurance to cover them if their vessel is damaged or they hurt someone else in an accident. Motorists can also benefit from this coverage, as it can protect against financial loss incurred by lawsuits filed to seek redress for injury or property damage. 

We Are Here to Help with Your Insurance

Asheville Insurance Center endeavors to supply you with the proper coverage to suit all your needs. Contact us today by stopping in the office, calling, or contacting us online. We’re happy to work hard for you. 

When it comes to liability protection, having an umbrella policy is the way to go

The team at the Asheville Insurance Center is proud to help the greater Asheville, NC business community protect their companies. We understand just how much hard work and dedication run a successful business, and we are here for you. Schedule an appointment today to minimize your firm’s liability risk.

Reduce your liability risk with an umbrella policy

Because we live in a litigious world, liability risk continues to be an area of concern, especially for small business owners. Unfortunately, a firm’s primary property policy or commercial insurance may prove inadequate regarding liability protection. 

Primary policies typically have limits, and once those limits are reached and exceeded, the financial responsibility can revert to the company. And depending on how the firm is structured, principals in the organization can be held personally responsible for damages. 

If you are unsure if your firm has the liability protection it needs, it’s time to sit down with your local agent to review your policy. With umbrella insurance in place, you will have additional coverage if and when your primary policy is exceeded. This type of protection is especially important for firms operating in industries with a high risk of legal action. It’s also helpful for business owners who have a high likelihood of slip and fall type of suits being brought against them. Find out more today!

Contact our office today

Businesses in Asheville, NC and nearby communities turn to Asheville Insurance Center to protect their assets. Liability risk continues to be an area of concern for business owners, and we can help you find the proper protection. Set up a consultation today, and let us help protect your company.

How much umbrella insurance should you buy?

While everyone is at risk of getting sued at some point in life, some people are at a higher risk than others. That means we all need some level of liability insurance such as umbrella insurance to protect us from big-ticket lawsuit judgments and other liability claims. At Asheville Insurance Center, we recommend having more liability than having too little. So, how much umbrella insurance should you buy? Here are a few tips to help you out.

Understand how umbrella insurance works

Umbrella insurance acts as an extension on the liability coverages you already have in your home, auto, boat, and other standard policies. That means umbrella insurance will only come in when the primary liability in your standard policies is depleted.  Insurance companies in Asheville, NC, typically check the number of homes, cars, businesses, and the number of people in your policy to determine the cost. The more the assets, the higher the cost.

Use online calculator

If you are unable to calculate the value of your assets, there are many insurance calculators that can help you with this type of calculation. Umbrella insurance calculators can help you assess how much umbrella you need based on what you’re insuring.

Know your risk level

If you’re wealthy, you’re likely to lose more money if you’re slapped with a lawsuit. If you have businesses all over Asheville, NC, you are dealing with a vast number of people who can sue you for various reasons related to your businesses. Parents of teenagers are also at higher risk of getting into trouble with the law if their teenagers cause fights or accidents that lead to injuries and property damage.

If you’re unsure how much umbrella insurance to buy, an insurance professional at Asheville Insurance Center can help you with the calculation. Feel free to call for more information on umbrella insurance, quotes, or other policy discussions.

Who can benefit from umbrella insurance

Many types of insurance products include liability coverage. Liability coverage pays for medical and property damage caused by you or a member of your family. It also helps pay for legal fees and a judgment against you due to an accident or injury. At Asheville Insurance Center in Asheville, NC, we are locally owned and operated. As an independent agency, we offer our customers more choices. Our years of experience help us provide our customers with the information they need to make educated choices. 

If you have an insurance policy with liability coverage, you can probably benefit from umbrella insurance. Umbrella insurance adds more protection for your assets with an additional layer of liability protection. It is not a stand-alone policy to buy; you have to already have an insurance policy with liability coverage. It is an excess liability, above and beyond the liability that your policy already has. 

As many as 10% of people get sued every year. That is a lot of people and a lot of legal fees. If you have fundamental liability coverage, you may find that you have a lot of money you will have to pay out of your pocket. You can end up losing your assets and having your wages and future earnings garnished. You could suffer from decreased wages for years over one judgment. Having an umbrella policy could save you from this outcome. 

If you have any assets, you can benefit from umbrella insurance. It will work with your auto, home, boat, and condo insurance. It even works well with renters insurance. You don’t have to own a home to have assets; you may even have both a home you own and one you rent. 

If you have questions you need to be answered about umbrella insurance, call Asheville Insurance Center in Asheville, NC, or visit the office. We can provide a no-obligation quote.

What benefits come with umbrella insurance?

Anyone that is in the Asheville, NC area will have some level of liability risk. A lot of people can mitigate some of these risks by getting home and auto insurance policies. For those that are looking for additional personal insurance coverage, getting an umbrella insurance policy could be a great option. Several benefits come when you get this insurance coverage. 

More Coverage for Liability

One of the advantages of umbrella insurance is that you will receive more coverage for liability. When you have a home and auto policy, you will have liability protection up to the policy limit. While this covers the majority of liability claims, there is always a chance that you could cause damages over normal policy limits. To offset this risk, you could get an umbrella insurance policy as it will give you additional protection.

Coverage for More Situations

Another advantage of an umbrella insurance policy is that it can give you coverage for more situations. Home and auto insurance policies provide coverage for a variety of situations that could come with a risk. However, they are limited in coverage compared to an umbrella insurance policy. With this form of coverage, you will receive coverage for a much wider range of situations that could come with liability risk. 

If you are looking for a way better to protect yourself in the Asheville, NC area, getting an umbrella insurance policy could be a great option due to the benefits it provides. While there are benefits that come with this insurance, it can be complex picking a policy. Due to this, you should call the Asheville Insurance Center for your insurance needs. The insurance team at Asheville Insurance Center can help you to pick a policy that will provide you with the right coverage. 

Is Umbrella Insurance A Good Idea For A Freelance Taxi Driver

There are many independent business opportunities today, and perhaps one of the most popular is a freelance taxi driver for a company such as Uber. These types of jobs require the operator to have full coverage insurance as well as a clean driving record. However, is it enough to rely on typical auto insurance coverage alone?

Driving For Wages

If you or someone you know is considering driving for extra income or is currently participating in this freelance job, they should find out what types of coverage are available to help protect from damages and additional liability. In some cases, it may be wise to have umbrella insurance in place. This will help prevent liability claims that exceed the protection that traditional insurance can afford to the consumer. 

Working With An Agent

The best way to find out what type of insurance policies and options work best for a freelance driver is to consult with an experienced agent. They can offer advice and suggest insurance coverage options that work for each individual situation. They can also explain the limits of coverage and help file any paperwork related to obtaining coverage or future claims. Those who are interested in finding out more can consult with Asheville Insurance Center, serving the residents of Asheville, NC. We can make the process clear and convenient.

Don’t drive without the proper insurance coverage in place. Get protection from liability and damages. Call or stop by Asheville Insurance Center serving Asheville, NC to find out more information and discover policy options that work for everyone. We will be happy to help you get a quote.