Umbrella insurance policies in Mount Prospect, IL are a form of liability coverage that supplements your other basic liability policies, such as home insurance, renters insurance, and auto insurance. It pays out after the primary insurance policy has paid out up to its limits. Anyone who owns a business or has large assets should secure an umbrella policy to protect their assets in the event of a lawsuit to recoup expenses due to their liability.
What Does Umbrella Insurance Cover?
Business professionals seek umbrella insurance to cover their professional liability. It is popular with financial planners, investors, and psychologists as well as any business owner to protect their assets. Professionals in the healthcare and legal fields also benefit from umbrella insurance that is an addition to their malpractice insurance.
Umbrella coverage from Com-Co Insurance Agency Inc. can cover lawsuits and liability claims that don’t result in legal actions to protect your assets. This policy will pay out in the event that you are charged with being liable to another party for property damages, bodily injuries, or to pay for your legal defense.
An umbrella policy can also cover dog bites in most circumstances. If your dog should bite a neighbor, you are liable for the neighbor’s bodily injury. If the injured party seeks legal recourse, then your umbrella policy will cover you.
Umbrella policies do not usually cover flood damage, but it does cover property damages and bodily injury claims that you cause to provide payment to the third party.
An umbrella policy can be quite confusing as to how much coverage you need. We understand that at Com-Co Insurance Agency Inc. in Mount Prospect, IL and we can help you decide what amount of coverage you need to protect your assets fully. Give us a call or come into the office to speak with a knowledgeable representative.