Who should get an umbrella insurance policy?

Umbrella insurance policies are an important kind of coverage for anyone who owns assets and wants to ensure their financial security in the event of a large claim or legal lawsuit. Whether you are an individual, business owner, or homeowner in the Portland, OR area, umbrella insurance from Einstein Insurance can provide an extra layer of financial protection beyond your existing liability coverage. 

Benefits of Umbrella Insurance

An umbrella insurance policy is designed to protect you from certain types of costly lawsuits and large claims that exceed your basic liability coverage. These policies are typically sold in increments of $1 million and can provide a financial cushion should you be found liable for damages related to property damage, personal injury, libel or slander damages, or other incidents. 

For individuals, it’s important to consider how much your net worth is before deciding if an additional policy is necessary. If the amount at stake exceeds your current liability limit, then umbrella insurance might be worth considering. Similarly, business owners should take into account the value of any assets owned by the company as well as any potential liabilities, including claims related to product defects or negligence on the part of employees.

Homeowners may also benefit from having an additional layer of protection with umbrella insurance due to risks associated with owning property and being responsible for any accidents that occur on their premises. This type of policy isn’t just for those who have high net worth either; even if you only have basic homeowners insurance coverage and few assets, it could still be beneficial to purchase an umbrella policy in case someone brings a claim against you for millions in damages. 

Give Us A Call

For more information, call Einstein Insurance today. We serve the Portland, OR area.