We all know that we need insurance to some degree today, but most people aren’t aware of the many types of coverage available and how that coverage can help them succeed. Here at Patrick McNealis Insurance and Financial Group, we want to help our clients better understand their insurance options in Emmaus, PA, and the surrounding areas. Keep reading to learn more about umbrella insurance.
What Is Umbrella Insurance?
Umbrella insurance is a special type of coverage designed to kick in and pay for liability expenses if another insurance policy is exhausted. Insurance policies can become exhausted if the costs exceed the policy’s maximum. When this happens, the individual will be held responsible for the difference.
Who Should Get Umbrella Coverage?
Umbrella coverage can really benefit anyone, but certain people benefit greatly. If you have many assets you wish to protect from liability, you might want to consider purchasing umbrella coverage. If you have a very high-risk type of occupation that could result in injuries, umbrella insurance also might be a good idea. In addition to these, if you are at significant risk of liability due to your job or other reasons, umbrella insurance is an excellent way to protect yourself from significant liability expenses.
What Happens If I Don’t Have Umbrella Coverage?
If you do not have umbrella coverage, you might be held responsible for paying liability expenses out of pocket. This could create a financial challenge for you.
If you would like to learn more about our insurance products, don’t hesitate to contact us at Patrick McNealis Insurance and Financial Group, serving Emmaus, PA, and the surrounding areas.