Umbrella
What is an Umbrella Insurance?
Commercial insurance, also known as business insurance, is a type of insurance policy that provides coverage for businesses and organizations. This type of insurance protects against financial losses that may occur as a result of unexpected events, such as property damage, liability claims, or business interruption.
Commercial insurance policies can be customized to fit the specific needs of different businesses. For example, a small retail store may need coverage for property damage, theft, and liability, while a manufacturing company may require additional coverage for equipment breakdowns, product liability, and business interruption.
Umbrella policies are often sold in increments of one million dollars and can provide coverage up to several million dollars, depending on your needs. The cost of an umbrella policy will depend on several factors, including your coverage limits, your risk profile, and your insurance history.
To qualify for an umbrella policy, you typically need to have a certain level of coverage on your other insurance policies, such as your home or auto insurance. In addition, you may need to meet certain eligibility requirements, such as having a good driving record or no history of major insurance claims.
Umbrella policies can provide valuable protection for individuals and families who want to ensure they are adequately protected in the event of a major accident or lawsuit. By providing additional coverage beyond the limits of your other insurance policies, an umbrella policy can help you avoid financial ruin and provide peace of mind.
In summary, an umbrella policy is a type of insurance policy that provides additional coverage above and beyond the limits of your other insurance policies. It can provide valuable protection against major accidents or lawsuits and is a valuable investment for anyone who wants to ensure they are adequately protected.
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faqs
Frequently Asked Questions
Please contact us if you cannot find an answer to your question.
What is a deductible?
A deductible is an amount that you're responsible for in the event of a loss. This is the amount you pay out-of-pocket, and insurance covers the remainder.
How can I make sure that I have coverage for my valuables?
When speaking with your agent to set up your policy, any valuables (jewelry, art, family collectibles), our agent can review your policy and recommend changes to ensure your valuables have proper coverage.
Do I need to get a new appraisal to renew or change my coverage?
No. You do not need a new home appraisal during the renewal or coverage change process.
Can I keep my carrier?
Yes, In most cases you can keep your carrier, but have The Bedford Group Inc. manage your policy. This is done by transferring you policy.
