Umbrella Insurance in Chicago, IL
Unexpected events can lead to significant financial burdens, which is why extensive insurance coverage is crucial. Umbrella insurance may add an extra layer of financial protection beyond standard policies, helping to safeguard your assets.
What Is Umbrella Insurance? 
Umbrella coverage is a type of liability insurance that may extend the coverage limits of your existing policies, such as auto, home or boat insurance. It steps in when the liability limits of these underlying policies are maxed out. It may cover various scenarios, including legal fees, medical bills and damages.
What Is the Difference Between Personal Umbrella and Commercial Umbrella Insurance?
Personal umbrella is intended for individuals and families. It may provide additional liability coverage for incidents in your personal life, such as accidents on your property or car accidents where you are at fault. This type of policy is suited for homeowners, renters and drivers who want to protect their personal assets financially.
Commercial umbrella , on the other hand, is tailored for businesses. It may provide extra liability coverage for claims that exceed the limits of the business’s primary liability policies. This may include coverage for lawsuits related to business operations, employee actions or accidents on business premises. Commercial umbrella insurance is essential for businesses looking to protect their financial stability and reputation.
How Much Does Umbrella Insurance Cost?
Commercial umbrella policies are generally more expensive than personal umbrella coverage due to the higher business operations risks. Generally, your insurance cost depends on several factors, including the following:
- Coverage limits
- Underlying policies
- Your risk profile
- Your location
- Insurance provider
Buy Umbrella Coverage
Contact Ensured Advantaged today for personalized advice and to explore your insurance options. Our friendly experts are happy to help you find the right coverage to meet your needs.