If you are a prominent citizen in Coppell, TX, who owns a business and a high-end home, obtaining an umbrella insurance policy to cover your liability risks can help preserve your wealth. However, you might be unsure if you need to purchase two separate policies to cover your risks fully. Policies can vary significantly from one company to another, making the selection process confusing. Consulting with the experts at The Select Insurance Agency can help clarify umbrella policies.
Understanding Umbrella Insurance Policies
Both types of umbrella insurance policies function similarly, serving as an extra layer of liability protection once you’ve exhausted the limits of your primary policy. Commercial umbrella insurance supplements your general liability insurance and is vital for safeguarding your business interests in the event of lawsuits. Personal umbrella insurance provides additional coverage beyond your homeowners and auto insurance policies, protecting you from claims related to property damage, personal injury, and other liabilities.
Contrasting Commercial and Personal Umbrella Policies
While the underlying concept is the same, there are differences between the two types of policies. Commercial policies offer broader coverage to address a variety of business risks that may not be relevant in personal situations. Commercial policies also typically have higher coverage limits due to the increased potential for mishaps and business-related claims.
You can customize your umbrella insurance policies to meet specific needs. Some companies may allow you to combine business and personal coverage under one policy, but ensure that this customization addresses your concerns. Review the provisions carefully to ensure you have adequate protection. If in doubt, consider purchasing separate umbrella policies.
If you’re still uncertain about your umbrella insurance needs, the professionals at The Select Insurance Agency, serving Coppell, TX, can assist. Contact our agents today to schedule an appointment.
