Umbrella Insurance in Minnesota
You may feel safe because liability insurance is part of your homeowners', automobile, or commercial insurance policy. But don't forget we live in a litigious society where stuff happens, and people get sued over it - often for amounts that exceed the limits of their policy. If the plaintiff wins, they walk away with compensation. The defendant faces financial ruin, including the loss of their home or the foreclosure of their business unless they have an umbrella insurance policy.
The Assurance of Umbrella Insurance
You could call umbrella insurance liability insurance on steroids. Umbrella insurance is all about excess. Surely, you've read about nightmare liability cases where juries awarded excessive settlements to victims, and the accused had no choice but to pay it. And since their liability coverage didn't cover it, their whole life changed for the worse.
This story would have a completely different ending if the accused party had an umbrella life insurance policy in their insurance portfolio. Once the payout reached the limit of the settlement amount, the umbrella insurance policy would have paid the remainder. There would still be the trauma of the incident that led to the lawsuit, but at least everyone would still have a home, and their business would still be intact.
The Point of Umbrella Insurance
Everyone is a step away from finding themselves in the defendant's chair. A tidbit of gossip or an accusation hurled without thought can lead to a slander lawsuit. A careless moment at the wheel can result in a liability suit. This is the point of umbrella life insurance. It could be you. Umbrella insurance can't guarantee it will cover all events but ensures it will help you with liability.
If you'd like more information about umbrella insurance, we'd like to give it to you. Contact Brittany Olson Insurance Agency LLC, and we'll be glad to answer your questions.
While our office is located in Cloquet, MN, we serve all across Minnesota and Wisconsin.