Knowing when to purchase umbrella insurance can be a tricky decision. All-Tex Insurance is here to assist you with guidelines for when you should consider adding an umbrella policy to your insurance portfolio in Granbury, TX.
What Is Umbrella Insurance?
Umbrella insurance is an extra layer of protection that provides liability coverage above and beyond other policies, such as homeowners or auto insurance. It covers personal injury and property damage claims, including medical bills, lost wages, pain and suffering, legal fees, and more. In the event of a lawsuit, an umbrella policy will kick in after the limits of your primary policy have been reached. This type of coverage is excellent for those with high net worth because it prevents them from paying out-of-pocket costs in the event of a disastrous lawsuit.
How Much Net Worth Should You Have Before Getting an Umbrella Policy?
The answer to this question depends on several factors, including your current assets, liabilities, income level, and lifestyle. Generally speaking, it may be wise to consider investing in an umbrella policy if you have enough assets to make you a target for litigation or engage in risky activities (such as owning a boat). Also, keep in mind that if you are sued for over $1 million, then an umbrella policy could help protect your assets from being seized by creditors or claimants during litigation.
Contact Us Today
Having adequate insurance in Granbury, TX is essential for protecting yourself financially against potential risks down the road. Especially if your net worth is considerable enough, it makes you more vulnerable to lawsuits or other costly legal proceedings. If you still have questions, contact All-Tex Insurance today. We can help you find the right solution for where you are now in your financial life.
Many myths surround umbrella insurance. One of them is that it is only for the wealthy. At All-Tex Insurance in Granbury, TX we like to think that we are myth busters and want our customers to understand the benefits of umbrella insurance for them. As independent insurance agents, we have a lot to offer and we understand that we work for you. We do our best to make sure you get the right insurance products.
Is umbrella insurance only for the wealthy?
Before you can answer the question, you need to understand what umbrella insurance is. It is excess liability insurance. What that means is that it adds an additional layer of protection to any policy or policies that you have which includes liability coverage. Umbrella insurance is not a stand-alone policy, you need to have a primary policy that it can supplement.
Liability insurance is the type of coverage that protects you from having to pay out of pocket for injuries that you cause or are responsible for. Many different types of policies have liability coverage as part of their components. Most people have one or more of them. Auto, motorcycle, boat, RV, commercial, home, condo, and renters all have liability coverage.
Most basic insurance policies have pretty basic liability coverage. An accident can result in major expenses for a hospital stay, not to mention if the person injured decides to sue. You work hard for whatever wealth you have accumulated and you could lose it all if the judgment ends up exceeding your liability coverage. Umbrella insurance adds an additional million dollars minimum to whatever your primary policy has. That is enough liability coverage to at least let you sleep at night.
So no, you don’t need to be wealthy, you just need to have some assets.
Give Us A Call
Contact All-Tex Insurance in Granbury, TX to discuss what umbrella insurance can bring for your financial security.
If you own a business in the Granbury, TX area, it’s time to get to know the team at All-Tex Insurance. Our team can help you with all of your commercial insurance needs, including umbrella policies. Call us today and schedule a consultation. We look forward to working with you.
Liability protection from an umbrella policy
When it comes to liability protection for a commercial entity, an umbrella policy is typically the most effective way to put this coverage in place. Liability and the financial responsibility for damage and losses can absolutely destroy a business’s bottom line. Especially in the current litigious environment.
With an umbrella policy, a firm is able to protect its current and future interests. When and if the primary policy is exhausted, it is then possible to rely on the umbrella policy for liability protection. Sadly, without such a policy in place, one egregious lawsuit could be enough to ruin a company.
Sitting down with a commercial insurance partner is the most effective way to determine how best to protect a business’s interests. Determining the appropriate level of protection that is necessary is the first step. Next, finding the right policy that reaches that level and is a good fit with the primary policy is required.
Working with a trusted advisor can help to ensure that the process goes smoothly and correctly. Any business that operates in an industry where lawsuits are common needs to have robust protection.
Get in touch with us today!
All-Tex Insurance is here to provide insurance services to the greater Granbury, TX business community. We look forward to working with your company and helping you get the liability protection that will protect you now and in the future. Call the office today and set up a consultation.
All-Tex Insurance serves the Granbury, TX community, as well as the surrounding areas. We offer multiple types of coverage. We are committed to helping our clients find policies that will help them navigate life’s risks. We are here to help simplify the process of finding the right insurance policy.
Commercial Umbrella Insurance Overview
Umbrella insurance is designed to cover you in severe emergencies. It’s a supplemental form of coverage that steps in once you have reached your liability limits on another type of insurance. Umbrella insurance is often used to assist in home or auto liability disputes. If you are a Granbury, TX business owner, umbrella insurance can help protect your investment. Perhaps a customer is visiting your store, and they slip on a wet spot, tearing ligaments in their knee. Your business is liable for their treatment and rehabilitation. If you don’t have enough liability insurance, your assets are at risk. In this situation, umbrella insurance would step in once you have exhausted your liability limit to protect your investment.
Umbrella insurance can also protect your business if a customer alleges that one of your products or services caused them. Potential litigation may become complicated. Umbrella insurance can prevent you from losing everything. If you are a restaurant owner, and you serve alcohol, you are also vulnerable to potential litigation. Perhaps you serve a patron one too many drinks, and they decide to operate a vehicle later on and cause an accident. Your business may be held liable for the damages. Luckily, umbrella insurance provides a safety net.
All-Tex Insurance Will Help You Protect Your Investment
Visit our website to learn more information about umbrella insurance.
Insurance can be overwhelming if you think about it. You are going to need homeowners insurance if you have a home. If you have a vehicle, you also need to make sure that you have insurance for that too.
Many people go with the cheapest policy that they can get. However, that can be a mistake. You want to make sure that you are fully protected, no matter what happens. In order to do this, you need to know exactly what your policy says, so that you know what is covered (and what isn’t).
That being said, the best policy in the world may not be enough. For this reason, you may want to consider getting an umbrella policy. But before you do that, you need to know what that is.
So, what is umbrella insurance?
In easy terms, an umbrella policy could be considered extra insurance. It is used to protect you and your assets from a liability claim. It will protect you against bodily injury and personal property claims.
You need to remember that it is added to your current policy. It can’t be used in place of a normal policy. It will kick in once you reach your liability limits on your regular insurance (whether it is your homeowners, automobile, or business insurance).
You may want to think about it as an additional layer of coverage to your current policies. The thing to remember is that, since everyone is different, the best way to make sure that you are fully protected is by talking to an experienced insurance company.
If you live in Granbury, TX, don’t hesitate to contact us at All-Tex Insurance. We would love to be able to help you with all of your insurance needs.
Umbrella insurance is primarily concerned with liability. Sometimes, the liability section of standard home, auto, and commercial insurance is not enough to cover you in the face of excess liability if you are legally liable. All-Tex insurance serving the city of Granbury, TX is here to assist you to make sure that you have sufficient coverage in the event of a figurative downpour.
What is umbrella insurance exactly? Umbrella insurance, much like the name implies, is insurance that is designed to protect you against unforeseen excessive liability not covered by your traditional personal or commercial liability policies. Liability insurance is for personal injuries or property damage, for which you are legally responsible.
Almost all types of policies, including personal, commercial, and auto insurance policies, offer a certain amount of liability coverage, but it may not be enough and, therefore, it is worthwhile to consider additional umbrella insurance. If you had to imagine your insurance policies all standing side by side, then umbrella insurance would be placed above those to provide extra protection. The equivalent of an umbrella, in an unexpected cloud burst of rain, keeping you that little bit drier. You will not always use your umbrella insurance. It will only come into play when the limits of your standard policies have been exhausted.
There are variations to umbrella insurance. Some umbrella policies offer the additional financial protection of paying for defense in the event of a liability lawsuit. It is worthwhile reviewing your policy and asking your insurance agent if it is included.
Umbrella insurance is there to cover the gaps so don’t hesitate. If you believe that you have insufficient liability insurance for yourself or your business, then contact All-Tex Insurance serving Granbury, TX today and secure peace of mind.
When you have home and auto insurance policies, some coverage is lacking. That’s why so many people get an umbrella policy to work with those two policies. If you are interested in getting an umbrella insurance policy, contact us at All-Tex Insurance in Granbury, TX to find out more.
Adding to Your Policies
With your home and auto policies in place, several types of coverage are included in both of these policies. One of those coverage types is liability coverage. The liability coverage in these two policies covers you if there is an accident that is your fault and there are injuries or property damage that results from it. However, the amount of this liability coverage is fairly low with both of these policies. To add to that liability coverage, there is umbrella insurance. It adds to the liability of both policies so that a serious accident can be paid for without a lawsuit or you having your finances wrecked. It is much less expensive to do this than increasing the amount of coverage you have in your home and auto policies.
How It Works
When there is an accident either at home or in your vehicle, the home or auto insurance will pay for the bills up until it reaches its maximum amount. After that, your umbrella policy kicks in. It has a much higher maximum, so you are far less likely to have to come up with the overage on your own. It protects you by paying that overage up to its own maximum.
Get Your Umbrella Coverage
If you want better liability coverage for your home and auto policies, you need an umbrella policy. Call us at All-Tex Insurance in Granbury, TX to talk to an agent about your liability coverage needs.
When it comes to umbrella insurance, it is not insurance to cover your umbrella. It is insurance to protect your assets. What exactly does that mean? It means when you have assets; you are at risk of being sued. It is just that simple. Being involved in legal action can cost a bundle of money. If you don’t have a lot of ready money, you could be forced to sell your assets or even have your wages assigned. At All-Tex Insurance in Granbury, TX, we have 20 years of experience helping customers find perfect insurance products.
Umbrella insurance is an additional layer of protection that goes into effect when your primary policy liability has reached its maximum. To purchase umbrella insurance, you must already have a policy with liability converge. You don’t need to be a homeowner. Renter’s insurance, auto insurance, boat, condo, and motorcycle insurance all have liability coverage. If you have commercial insurance, chances are you have liability coverage as well.
With your primary policy, you likely won’t have a very high level of liability protection. Every state has its own required minimum limit on auto liability. Most are $50,000 or less. That won’t go very far if you are in a serious accident and are at fault. If you haven’t checked it recently, you should check what you have for a limit on your liability coverage. Most umbrella policies start at one million dollars and go up from there. With legal cost and a judgment against you, this won’t seem like an outrageous insurance amount to carry at a very affordable rate. Basically, if you have any assets, you should buy umbrella insurance.
If you are ready to discuss umbrella insurance, All-Tex Insurance in Granbury, TX is here to help out. Contact us and let us give you a quote.
When the weather outside is stormy, having an umbrella can make you feel safer and more protected. An umbrella insurance policy can give you that same feeling but what it covers are your assets. An umbrella policy is what can, in the most straightforward language, be referred to as excess liability coverage. It is not a policy that you buy on its own. You need to have another primary policy with liability coverage that an umbrella supplements. At All-Tex Insurance in Granbury, TX, we are locally owned and operated. With 20 years of experience, we can provide our customers with the personal service they deserve.
Some of the policies that can be supplemented with an excess liability policy are home, condo, renters, and auto. If legal action is brought against you and results in a judgment, you may have to pay a settlement. If that judgment is more than your primary policy, the remainder and any legal expenses are your responsibility. That is where an umbrella policy comes into action. When the limit on your primary policy is met, the umbrella will take over and pay expenses up to the limit on the umbrella policy. Most umbrella policies offer excess liability from between one and five million dollars.
Given the amount that judgments can run these days, you need to have this kind of protection for peace of mind. Without an umbrella policy, you could be forced to sell your assets, and your future wages could be attached. This is not something that makes for a peaceful night’s sleep.
At All-Tex Insurance in Granbury, TX, we are independent agents who work for our customers, not just one carrier. We can check with multiple carriers to find the best deals on coverage and cost. Give our office a call to make an appointment for a no-obligation quote.