Tag: liability

Why We Personally Recommend a Personal Umbrella Insurance Policy

Posted on by butlervetinsurance

Here’s a closer look at what umbrella insurance can do for you.

You’ve worked your whole life and have done quite well for yourself. You have a home, a car, support a family, and maybe even have a boat or a vacation property. But your security is something you shouldn’t take for granted. All of these things could be at risk under the unfortunate situation that you get into a lawsuit.

Hope for the best, plan for the worst.

Car accidents are an upsetting reality. They do happen and there can be major damages. If you cause an auto accident, you need to be covered. Your auto policy could possibly not cover all of the property damage, injuries, and subsequent lawsuits. An umbrella policy will cover you for these things once you max out the limits of your auto policy.

Lawsuits happen.

Someone may have an accident on your property or sue you for the injury. It’s not at all uncommon when someone trips on a loose step or slips by the pool. When you hit the liability limits of your homeowners insurance, an umbrella policy gives you extra coverage for just this sort of event.

How does it work?

Many people don’t know how an umbrella policy actually works. Well, it’s simple. Something happens. An auto accident, you are sued, etc. Your umbrella policy is protection that kicks in after your home or car insurance when the amount you must pay exceeds what your policy covers. It can cover a wide variety of liability situations. The typical policy covers anywhere from an $1 million to $10 million. Umbrella coverage is also very affordable!

Don’t take it for granted.

Be sure and take a look at your umbrella policy from time to time to see to what extent and under what circumstances you are covered. It may surprise you. It’s better to be surprised now so you can update your policy than when it’s too late.

For all of your umbrella insurance needs throughout California, contact Stromsoe Insurance Agency.

Surprising Ways You Might Be Insured

Posted on by butlervetinsurance

Did you know you could have insurance in these surprising areas?

Everyone knows the basics. We need health and car insurance. If you own a home, you need homeowners insurance too. You’ve put a lot of thought into buying coverage for your business. There are some pretty hefty consequences for not being properly insured.

But these policies are just the tip of the iceberg. There are many things you can get insured for your home and business, though they may surprise you. You may even already be insured and not know it!

Hurricane Insurance, Insurance

As you may know, hurricane insurance is already a supplemental policy. It’s not covered on regular homeowners insurance. Now, you can get Hurricane PM insurance, which covers costs that your hurricane insurance may not be big enough to cover. So it’s insurance for your insurance.

Ransom

If you are a high profile person, or just travel a lot, you may consider ransom insurance being added to your professional liability insurance. It can cover ransom money asked for by your kidnappers.

Rotten Veggies

If you own a business with perishable goods like flowers, food, tobacco, etc., you may want to get Spoilage Coverage. You can add it to your Commercial Property Insurance to replace spoiled goods if your fridge goes out due to a power outage or malfunction. Be careful, because you may have to prove that you didn’t neglect to take care of or replace the fridge.

Your homeowners insurance likely already offers about $500 of coverage for food spoiled in your fridge during an extended power outage!

Losing a Big Player

You own a business, and one of your employees is worth more than just what their job description entails. They are a key player and losing them could mean a severe loss of knowledge, expertise, and great support. You can have your business covered if that person should become ill or pass away to cover losses your business might incur because of their absence.

To learn more about the different ways your insurance policies are protecting you, contact Stromsoe Insurance Agency in California.

Benefits of a Commercial Umbrella Insurance Policy

Posted on by butlervetinsurance

All California companies can benefit from a commercial umbrella insurance policy.

With the number of lawsuits filed each day rising, it has never been more important to invest in a commercial umbrella insurance policy. People are more apt to sue a company or professional than ever before. The protection that is provided by a commercial umbrella insurance policy can help to make sure that your business has the right amount of coverage.

Umbrella insurance is meant to provide additional liability coverage that goes beyond the liability that is provided by your other business insurance policies. Without an umbrella policy, you would be left relying on a typical business liability policy. The limits of a liability policy can quickly be exhausted after just one lawsuit. If you don’t have umbrella insurance, you would be left paying for the rest of the coverage out of your business accounts, which could easily bankrupt your company.

There are many situations that your California company may encounter that your umbrella policy would cover, including:

  • If one of your employees says something on social media that is damaging to a corporate entity or person while at work.
  • A client takes a financial loss due to advice that one of your staff members provides in a consulting capacity, such as financial advice.
  • A customer slips on a wet walkway on their way into your business and is injured.
  • A client is seriously injured or dies after using a product that your company provides.
  • An employee speeds through a yellow light in a company car, causing property damage and several injuries.

Since there is no way to know when an accident will occur, having the right amount of coverage at all times can help to give you the peace of mind that you deserve. Contact the insurance experts at Stromsoe Insurance to help you find the right business insurance policies that will fit your needs.