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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. 

Umbrella Insurance FAQ

In order to protect your family and your investments, it’s imperative to understand the different types of insurance products that are available. At Einstein Insurance, serving Portland, OR, we strive to provide our clients with solid information so that they can make the best insurance choices. Keep reading to learn more about umbrella insurance and how it can benefit you. 

What Is Umbrella Insurance?

Umbrella insurance is a unique type of insurance product that can be customized to suit your particular needs. An umbrella policy is designed to fill in gaps that could be left by other policies. An umbrella policy can be customized to fill in insurance gaps from auto policies, commercial insurance, health insurance, homeowners insurance, and more. 

How Does An Umbrella Policy Work?

If you file a claim with an existing insurance policy and that policy does not sufficiently cover the number of expenses you are liable for, an umbrella policy can kick in to cover further expenses. This is helpful when a claim exhausts another policy. This can happen in situations where damages or liabilities were far greater than anticipated. 

Umbrella policies are especially helpful in cases in which you might be found liable for someone else’s injuries. 

Who Should Get Umbrella Insurance?

An umbrella policy can be helpful for anyone who wants to protect their assets and investments. For those who have a lot of assets or investments, an umbrella policy is a smart way to always ensure those are safe from unexpected expenses. 

If you have extensive property or run a business where others may have opportunities to file liability claims against you, an umbrella policy is one way you can protect yourself. 

If you would like to learn more about umbrella insurance, or any of our other products, please contact us at Einstein Insurance serving Portland, OR. 

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