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In Ft Myers, FL, you might purchase an umbrella insurance policy for your home insurance policy to add to the liability coverage, but wish you could buy one for your business, too. Well, you can.
Martin Insurance Team offers umbrella policies for business and personal needs. You’ll purchase two separate umbrella policies because you can buy one for business and one for personal use. Still, you can’t cover your business and personal coverage on the same policy.
What Does Umbrella Insurance Do?
When you purchase the primary policy, such as home or business liability, it provides a specific level of liability coverage. Typically, that coverage amount tops at half a million dollars or less. Your primary or central policy’s liability coverage equals the amount provided as a cap in the insurance papers.
An umbrella policy, a secondary policy, offers only liability coverage. It typically starts with a one million dollar coverage option. When the liability coverage in your primary policy pays out ultimately, your umbrella policy kicks in and pays the rest of the liability you incurred.
If you hosted a party where a fire occurred and three people incurred burn injuries, your primary or home policy would pay for your liability first. It would cover as much of their hospital, rehabilitative/physical therapy bills as its policy maximum allowed.
With three individuals, this could easily exceed the primary policy maximum of $25,000 to $50,000. The umbrella policy covers up to $1 million of liability, so if the three individuals sued you, this policy would pay the settlements.
A business umbrella policy works the same way. If a fire occurs at your business and injures three customers, the business liability primary policy covers up to its policy cap. After that, your business’s umbrella policy kicks in to cover the hospital bills and settlements.
Contact Us Today
Contact Martin Insurance Team serving Ft Myers, FL to purchase an umbrella policy for your business and to purchase a policy for your personal needs. Let us help you protect your financial security.
