If you’ve ever faced someone suing your business "for everything you’ve got," you know they do not have to win for the case to devastate you. At LG Insurance Group of Marietta, GA, we know that your homeowners’, auto, or business policies may not provide all the coverage you need for a high-value business, even if you carry the maximum protection available in that category.
What Is Umbrella Insurance?
Umbrella insurance provides additional liability protection. For example, when the value of your assets exceeds policy limits, an umbrella policy shields you from damage claims.
What Does Umbrella Insurance Cover?
Having umbrella insurance offers peace of mind by covering the difference between the total available protection in your other policies and the full value of all your assets, including your reputation. The typical policy costs $300 per $1 million. For example, a single accidental death lawsuit could cost several million dollars because Georgia allows the surviving spouse, children, or parents to sue for the tangible and intangible value of the dead person’s life. If you carry the Georgia state minimum auto policy, you would still owe everything above the $50,000/$25.000 limit.
Do Umbrella Policies Have Exceptions and Exclusions?
Yes. Umbrella policies do not cover damages to you or your property, nor do they pay for intentional or criminal acts,
How Do I Document My Assets?
Receipts, Bills of Sale, Titles, and Deeds help document your assets. When possible, engrave or etch items with your two-letter state abbreviation, followed by your driver’s license or state ID number. For example, if you live in Mississippi, use MS123456. If engraving might reduce the item’s value, use photos or videos instead.
Call our LG Insurance Group agents at (678)-671-8480, email us, or stop by our Marietta, GA office for a free review of your insurance.