Get Better Umbrella Insurance

Years of hard work have led you to success and wealth. For Business Owners, the business you’ve built is a mixture of discipline, persistence, and hard work. However, even though you are on your way to the million-dollar mark, you’re worried. You know people who have lost it all in lawsuits and had to start over from scratch.

In the event you get sued, you could lose it all, even if you’re being sued for no good reason. You should not have to worry about being sued and losing everything you’ve worked for.

To protect yourself, your business, and your money, you need umbrella insurance. Here’s why.

What is Umbrella Insurance? 

Umbrella insurance is a type of extra liability coverage that will protect you from lawsuits and large claims. This type of insurance goes above and beyond other insurance policies, like homeowners or car policies. There are even some excess liability options that will protect additional property, such as your home, in the case of a lawsuit.

Why is it Important?

This is an excellent question. Umbrella insurance is so essential for many reasons. Take your car insurance, for example. If you get in a car accident and your vehicle hydroplanes into oncoming traffic and hits other drivers, you’re looking at car damages and medical bills.

Now, what happens if one of the drivers you injured discovers you are extremely wealthy and decides to sue you for emotional trauma? They will sue you for a large amount of money, which is when umbrella insurance comes into play.

When someone decides to sue you and you don’t have umbrella insurance, you’re most likely going to have to clear your retirement fund or fall into debt. Umbrella insurance prevents this from happening by covering expenses that don’t fall under your auto insurance. It also includes court fees associated with the lawsuit.

This is why umbrella insurance is your money’s best friend and you should look into obtaining a policy today!

Why Do I Need an Umbrella Policy?

If you earn more than $30,000 per year or have assets you don’t want to lose, you need umbrella insurance. It will protect all your hard work and money. Without it, you’re risking losing it all in a potential lawsuit and/or having your wages garnished.

Accidents do happen. Consider the scenarios below, and if any apply to you, it’s time to sign up for a personal umbrella policy and get peace of mind.

1. You’re a People Person

There is nothing wrong with being sociable and inviting people over to your home. However, if someone gets hurt on your property, you could be looking at a costly lawsuit.

If you’re wealthy, don’t be surprised when a guest sues you because their child slipped and fell on your kitchen floor. Perhaps they bruised or even broke a bone. The more guests you invite to your home, the more likely it is for an accident to happen. If someone gets hurt, you want to be sure you have a reliable personal umbrella policy.

2. You Own Vacant Land

Chances are you have a vacation home somewhere. If someone gets hurt on your land, they can sue you. Even if they are strangers and you didn’t invite them, you may be looking at a lawsuit. Vacant land that’s easy to access puts you at risk. A personal umbrella policy will help.

3. You Have ATVs, Jet Skis, boats, or dirt bikes 

Recreational vehicles are all fun and games until someone gets hurt. Even worse, if someone gets hurt and you lack personal umbrella insurance, you’re out of luck if the person decides to sue.

Picture this: you’re taking your son and his friend out on ATVs. If your son’s friend accidentally takes off when you’re not looking and gets hurt, you’re at risk. Accidents like these are truly unpredictable. It’s better to be safe than sorry and have liability coverage at all times.

4. You Own a Luxury Car 

Nothing screams wealth like a luxury car or even more a $120,000 sports car. Along with auto insurance, you want to be sure you have excess liability. In the case of an accident that you caused, you can expect people to try and sue you.

Without umbrella liability coverage, you may be out of luck. Likely, your auto insurance won’t cover all the expenses. This is where umbrella coverage kicks in.

Is It Worth It? 

Do I need umbrella today? Is an umbrella policy worth it?

Think about it this way: if you’re wealthy, you’re at risk of being sued. No matter how friendly you are, or how hard you worked to get to where you are today, you can still get sued. This means all your hard work, savings, growing investments will go down the drain. All it takes is one lawsuit.

Moreover, if your net worth is over $500,000, you need higher umbrella limit coverage. Start shopping for additional liability coverage today and protect yourself, your business, and your assets!

What Does A 1 Million Dollar Umbrella Policy Cover?

Umbrella insurance covers you and/or your business in the case of a lawsuit or expensive claim. You’ll also have extra coverage in the following four areas:

Bodily Injuries 

This type of insurance can help cover you in the case of an accident. It covers medical bills and lawsuits. This can come in handy when someone gets injured on your property. This can include any scenario such as your neighbor’s child getting hurt jumping on your trampoline, someone slipping in your home, or your dog biting someone.

Injury to Reputation 

Be careful what you post on social media or tell someone in person. If you hurt someone’s reputation, you run the risk of being sued for slander or defamation. An umbrella insurance policy can cover you in the case of a lawsuit and save you a large sum of money as long as you have personal injury protection covered.

Property Damage 

If you get in an auto accident, your car insurance will most likely cover the costs. However, if the repair costs exceed the liability, umbrella insurance will kick in and cover the rest.

On a similar note, if someone involved in the wreck finds out you’re very wealthy, they may sue you for emotional trauma or a similar claim. Don’t risk these extra expenses; obtain a policy sooner rather than later.

Court Costs 

Another area umbrella insurance can help cover is court fees. In case you need to defend yourself in a lawsuit, this insurance will cover your lawyer’s fees.

What an Umbrella Policy Doesn’t Cover

Now, it’s important to understand what umbrella insurance does not cover. Each type of insurance has liability limits and umbrella coverage isn’t an exception:

Personal Property 

If something happens to your personal belongings, umbrella insurance will not cover it. For example, if your home becomes flooded due to a plumbing issue, umbrella insurance won’t cover the repair costs, you would need to file a claim on your homeowners insurance.

However, let’s say you live in an apartment and your neighbor sues you because it damaged their apartment. Umbrella insurance might help.

Criminal Acts 

If you hurt someone purposely, umbrella insurance won’t cover the injuries. This means you are injuring the individual or damaging their property.

Contracted Worker Injuries 

Most of the time, when you hire workers through a construction company, the company will offer workers insurance. However, sometimes you may sign a contract that makes your company responsible for the workers. If this happens to be the case, and one of them gets hurt on your property, this type of insurance will not cover you.

Cost of a 1 Million Dollar Umbrella Policy

Umbrella insurance is very inexpensive, considering all the coverage you will get! You can obtain $1 million of coverage for approximately $150-300 a year.

To help with the buying process, have an independent insurance agent look around for you. They’ll be able to find a policy that suits your needs and offers necessary excess liability to protect your assets. Also keep in mind, that not all umbrella policies are created equal.

We’d also like to mention that there is no deductible on this type of insurance in most cases. You will have your auto insurance or homeowner’s insurance pay first. When your umbrella insurance kicks in, you won’t need to pay the deductible again in most situations.

How Much Umbrella Insurance Should I Get?

If you ask any attorney, they suggest when purchasing umbrella insurance, you’ll start at a minimum coverage of $1 million. While this might seem like enough, you need to be sure the umbrella policy covers your net worth and future income earning potential. This means that the more assets you have, the more coverage you need. The more money you might make over the rest of your working years, the more coverage you need. You’ll be surprised at how affordable an umbrella insurance policy can be.

Once you calculate your assets, ask yourself, “What are the possibilities of me being sued?” We call this your sue-ability factor. Chances are, you are at risk of being sued. This means you should start looking for insurance umbrella coverage today!

Does Umbrella Policy Cover Uninsured Motorist?

Most of the time, an umbrella policy will not cover uninsured or underinsured motorists unless purchased separately. Umbrella coverage covers any property damage as well as the bodily injury you cause. If you get into a car accident that involves an uninsured motorist, you have a couple of options:

  • Your first option applies if you are uninsured. For starters, know that it’s illegal to drive without insurance. If you get into a car wreck and hurt a motorist or cause property damage, you could be looking at severe consequences.
  • Let’s say you find yourself in an event where an uninsured/underinsured motorist causes an accident. They do not have sufficient coverage to pay for the damage or injuries caused, therefore, you’d generally need to have uninsured/underinsured motorists coverage to receive compensation.  Your auto insurance policy should provide this coverage, and if your umbrella insurance company offers it, you may be able to purchase higher limits on your umbrella policy for additional uninsured & underinsured motorist.  We highly recommend purchasing this coverage if available.

Even with auto insurance and home insurance coverage, there are still insurance policy limits to consider. Umbrella policies may increase those limits and better protect you while you’re driving.

Your independent agent can asses your liability coverage so that your policy offers exactly what you need. Have them go through details including what it covers and liability limits before making a decision.

Who Has the Best Umbrella Insurance Policy?

Ready to obtain an umbrella insurance policy but don’t know where to start? You can usually find an agent to assess your wealth and help find the right liability coverage options for you to consider. If you prefer, do some research on your own. There are many umbrella policies out there – be sure you make a wise choice when selecting an insurance company.

Here is a brief list of insurance companies to consider:

  • Safeco offers amazing personal umbrella insurance if you own recreational vehicles/watercraft and can provide higher uninsured and underinsured motorist limits on the umbrella
  • Chubb is a solid option for those with higher NetWorth
  • Travelers is a solid insurance company for you to consider with higher limits available
  • Encompass offers the coverage you need if you have good underlying coverage and want higher limits of uninsured and underinsured coverage on your umbrella
  • Hartford is a great insurance company when it comes to those over 50 years old and if you are an AARP member
  • State Auto is a great all around insurance company
  • Nationwide offers great coverage and is recommended also if you own recreational vehicles/watercraft

Don’t wait until it’s too late to find an insurance company. Start looking for a personal umbrella insurance policy today!


There are so many reasons why you should consider obtaining an umbrella insurance policy. You can never be too safe when it comes down to your money. Think about how hard you had to work to get to where you’re at. Don’t underestimate the possibility of being involved in a nasty lawsuit; Umbrella insurance can make all the difference.

Contact Beacon Point Today!

If you’re ready to get covered with umbrella insurance, call us today and speak to one of our representatives. We’re a team of independent agents, so we’ll help you compare your options to choose the best provider for you.

Get Your Umbrella Insurance Proposal Today!

Start comparing coverage for your home today with Beacon Point Insurance.

Other Insurance Services

It’s simple and easy, and you can rest assured that you’ll be receiving the quality information and advice for our advisors.

Why wait? Get started now and start making savings on your home insurance.

For your home insurance quote, you’ll need the basic details of your property type, and the zip code. This helps us begin assessing the kind of coverage suitable for your home.

Don’t forget that Beacon Point Insurance can also help with a range of other personal insurance services. This includes:

  • auto insurance
  • life insurance
  • Jewelry insurance
  • Gun liability
  • Boat insurance

We can also help you find the best quote for medicare and health insurance policies.  We can work with you to combine insurance to help you make savings.

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One of our insurance advisors will reach out to you to review your information and present you with a unique insurance solution, making sure you and your business are better covered for the unpredictable. There’s no obligation, just good-old-fashioned advice.

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