Category: Umbrella Insurance

The agents at The Insurance Team offer more than insurance policies to Queen Creek, AZ residents. We provide savvy financial information that helps our customers protect their financial security. As experienced insurance agents, we know the importance of updating insurance coverage as you age and adding umbrella insurance policies that can help protect your net worth.

An Umbrella of Protection

Our insurance agents recommend umbrella coverage to those 50 or older who frequently entertain at home, volunteer to coach sports, or volunteer in scouting groups. These types of activities increase liability risk. If an accident occurs and the injured party sues without umbrella coverage, a person could wipe out their savings and retirement accounts by paying off a settlement.

What That Means to Someone 50+ Years Old

If such a scenario occurred in the at-fault party’s 20s or 30s, they would have decades to rebuild their savings and retirement accounts. In the U.S., the typical retirement age ranges between 65 and 71. If found at fault for an accident after age 50, a person would have about 15 to 20 years to replenish their retirement accounts and savings.

Existing Liability Coverage

If you cause an accident with your vehicle, your auto liability covers it – up to the policy maximum. Home and condo policies include a small liability component, too. These typically cap at about $5,000 to $15,000. The average payout for a premises liability case stands at about $90,000, leaving a hefty out-of-pocket sum.

Buy Umbrella Coverage

Umbrella coverage costs just a few dollars a month for a million-dollar policy. Don’t take chances with your retirement funds! Contact The Insurance Team today to buy an umbrella policy to protect your financial stability. If found at fault for an accident, your primary policy, typically home or auto, pays out its maximum first. Your umbrella policy automatically kicks in once the primary policy pays out, saving your savings for you.

For current and future clients of The Insurance Team in Queen Creek, AZ, we always make sure to provide the right amount of coverage to protect the most valuable aspects of your life. Sometimes, an insurance policy may not provide the amount of coverage that will give you peace of mind. In those situations, you may be able to add an umbrella insurance policy on top of your existing policy.

When you pair an existing policy with umbrella insurance, you take a step toward protecting yourself from the absolute worst-case scenarios financially. As we say in the insurance business, it’s best to have the amount of coverage you need yesterday. Waiting until an emergency strikes to increase your coverage could cost you thousands of dollars. Additionally, it can cause some unnecessary heartache.

What types of policies pair with umbrella insurance?

To obtain umbrella insurance, you’ll need an existing policy to go “under” the “umbrella” of the umbrella insurance policy. If you’ve never obtained umbrella insurance before, you may wonder what it even is. In short, umbrella insurance acts as an extension of your current policy. When you meet the limit of your current policy, umbrella insurance might be able to kick in to cover certain expenses that extend beyond that limit.

Umbrella insurance pairs with a range of policies. Homeowners insurance, auto insurance, and watercraft insurance are usually able to go under an umbrella insurance policy. If you’re not sure whether your current insurance policy would work with an umbrella insurance one, we’re happy to help you determine the best way to maximize the amount of coverage available to you.

To discover how umbrella insurance can help protect your home and other assets, call The Insurance Team in Queen Creek, AZ today!

The Insurance Team is proud to work with the greater Queen Creek, AZ area business community. We are here to help your business stay protected, now and in the future. Schedule a consultation today and learn more about the options that are available to cover businesses in our area.

How an umbrella policy can help protect your business from liability

As a company or business grows and becomes more established and successful, it is typical for its liability risk to also increase. This means that it’s important to take steps to help protect your hard work from losses due to liability. This fact is especially true for any company that is operating in a highly litigious area or industry.

A primary policy will only provide a certain amount of protection before it is maxed out. Once it meets or exceeds the maximum level of coverage, the business or its principals, or both, can often become financially responsible for any excess losses caused by liability.

Lawsuits that award high-level damages have destroyed more than one company! Your business can protect itself from such a fate by adding an umbrella policy to supplement the primary commercial policy. This means that if there is ever a time when the primary policy’s maximum limits are exceeded, the umbrella policy will be activated. This additional coverage can be the difference between success and failure. 

Schedule a consultation today

Queen Creek, AZ area businesses can rely on The Insurance Team for all of their commercial insurance and liability protection needs. Contact our office and schedule a meeting to learn more about how the right insurance portfolio can help protect your local business. We look forward to working with you!