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Umbrella Insurance Limitations to Consider

Umbrella Insurance Limitations

As a Broomfield, CO business owner, you may want an umbrella insurance policy to protect you. We at Aspen Gold Insurance Brokers can help you not only understand your coverage options but your limitations as well.

Are There Umbrella Insurance Limitations? 

Let’s start by defining an umbrella policy to give you an idea of what it means. First of all, this type of policy is well-named because it is designed to cover your insurance policies by providing additional coverage when they go into effect. They are designed specifically for liability problems that may cause, including issues such as:

  • A physical injury on your property which you caused
  • Business-related issues that go beyond your standard policy
  • Health issues caused by something that you or your business did
  • Other liability problems that your policies do not cover

Typically, an umbrella policy goes into effect AFTER your other policies have reached their limits. For example, if you get sued in a liability case for $50,000, and your standard liability policy only covers $15,000 in liability, you’d owe $35,000 without an umbrella policy. However, these options do have limitations that are important to consider, including:

  • Not covering non-liability issues
  • Problems that are caused to you by others
  • Health problems you may suffer

Remember – an umbrella policy is designed as liability for you or your business. Most of the time, these policies are put into place to protect companies from claims such as libel, false arrest, slander, wrongful eviction, and potential auto problems caused by your business operation. Your policy company will put in other restrictions based on factors like your copay and much more.

Are Umbrella Policies Right for You?

If you need an umbrella policy in Broomfield, CO or the surrounding area, contact us at Aspen Gold Insurance Brokers right away to learn more about your options as a business.

How much umbrella insurance do I need?

Best Umbrella Insurance

Umbrella insurance is a much-misunderstood type of insurance. It is not only for the wealthy it is for anyone who could be sued which includes homeowners, renters, boat owners, drivers, and businesses. Just about everyone can benefit from this excess liability insurance. At Aspen Gold Insurance Brokers in Colorado, we are family-owned and operated and we aim to provide the highest quality customer service. We make sure what our customers cherish we protect with the right insurance and advice. 

Umbrella insurance is excess liability coverage that extends the liability limits on the policies you already have. Some examples are auto and home. It can’t be purchased alone, you need to already have a policy with liability. Liability protects you from the result of an injury that occurs on your property or as the result of an accident caused by you or a family member. It pays things like medical expenses, pain and suffering, lost time and legal fees from a judgment against you. 

How much umbrella insurance do you need? That is different for everyone. Having an insurance agent you trust makes it easier. You can discuss the value of your assets. This is what you need to protect. Basic limits on auto and home insurance can be quite low. For example $50,000 or $100,000. When someone is injured in an auto accident where you are at fault you are liable. They spend several weeks in the hospital and then are out of work for 2 months. They feel your negligence caused this and they sue you. 

If you have an umbrella policy of one million dollars, you can feel a little more confident your assets are protected. If you have lots of assets higher umbrella policies are available. 

To find out more about umbrella insurance contact Aspen Gold Insurance Brokers in Colorado for a free quote. 

Is Umbrella Insurance Recommended For Vacation Cottages?

umbrella insurance costs

Renting out vacation cottages can create additional risks for liability by guests who are renting the property, or even others who are visiting the site. Of course, rentals are required to have special liability insurance, but there are some instances where having umbrella coverage can protect against potential losses. 

Umbrella Coverage For Rentals

If there is an instance where there is potential for liability claims that exceed the limits of the current insurance policy that is in place, it would be wise to obtain umbrella insurance coverage. For example, there may be water near the rental or even craft at the residence. This protection can give the owner of the property additional security in the event of an accident or other covered incident.

Getting Quality Umbrella Coverage

An insurance agent can help assess the need for umbrella insurance and then offer common-sense suggestions for coverage options. This will help prevent any gaps and potential losses if there is an issue with guests at a rental cabin or home. Having quality insurance in place is always the best way to cover a property, which is why having a skilled agent to work with you through the selection process is highly recommended. Rental owners who are located near the Broomfield CO area should consult with Aspen Gold Insurance Brokers before choosing an umbrella policy.

Protect yourself and your investment with high-quality umbrella insurance. People who are currently searching for insurance policies to protect rentals near Broomfield, CO should schedule a consultation with one of the agents at Aspen Gold Insurance Brokers to get a better understanding of how they can add an additional layer of protection to the insurance that is already in place. 

Is an Umbrella Insurance Policy the Right Move for Your Finances?

Umbrella insurance policy

Your home insurance, auto insurance, and commercial insurance policies form the foundation of your financial protection strategy. Sometimes, however, these contracts may not be enough to fully cover your assets. An umbrella policy from Aspen Gold Insurance Brokers is the best way to add extra coverage to all aspects of your financial life. How can you be sure an umbrella policy is right for you?

  • You recently invested in a business. Starting or expanding your business leaves you vulnerable to cash flow problems. If a covered event triggers your commercial insurance policy, your payout may not be enough to help you pay off loans for new equipment and necessary replacements. An umbrella policy would give you extra cash to help cover other related expenses.
  • You have very little personal savings. If your emergency fund is a little light, an umbrella policy can help you take care of expenses that aren’t covered by the payouts from your auto or home insurance policy. Even if your savings account is full, it’s a good idea to use the money from your umbrella policy and protect your nest egg.
  • You work with the public in a professional capacity. Providing personal services to the public leaves you open to potentially expensive litigations. A professional liability plan helps you pay for lawyers and other court-related costs. However, an umbrella policy ensures that you never lack the funds you need for a proper defense.

An umbrella insurance policy is a low-cost protection plan that can be applied to every aspect of your insurance portfolio. The experts at Aspen Gold Insurance Brokers can help you customize a personal or commercial umbrella insurance policy that perfectly fits your Colorado lifestyle.

How to Cover a Business for a Cyber Attack

Commercial general liability insurance

Cyber attacks continue to be a major problem for American businesses. Statistics show, in 2018, the average cost to a business for the damages from a Cyber attack was $2.4 million. That is a huge amount of money. The scary thing is that this kind of attack can happen at any time without any warning whatsoever.

Insurance for A Cyber Attack

Cybersecurity insurance is a type of special insurance coverage that can be found under the category called umbrella insurance. It can be a rider on an umbrella insurance policy that also covers other risks.

Umbrella insurance does two basic things. It extends the policy limits of other insurance coverage that is also in place and it covers things that other policies do not cover. Work with your agent at Aspen Gold Insurance Brokers, serving Broomfield, CO and the nearby communities, to make sure you have adequate insurance for this risk.

Umbrella Insurance for Cyber Attack

Umbrella insurance is an effective way to cover the big risks that can destroy a business and wipe out the net worth of the business owners. It is more cost-effective to have umbrella insurance to cover claims that are in excess of the policy limits of other coverage than it is to raise the policy limit of each separate insurance policy.

Special Cyber Security Risks

Businesses that conduct online payment-processing transactions, such as accepting credit cards for sales are the kind of companies that are likely to have a cyber attack. Another type of vulnerable business is any health care organization that manages the medical records of individuals. They must follow HIPAA rules for security that are very strict. Fines and penalties for violating HIPAA rules can be multiple millions of dollars.

Ransomware

A new form of malware called ransomware is being deployed more frequently. Ransomware works by a hacker inserting a virus or malware into a system and then locking the data content by encryption. A demand is made for the company under attack to pay a ransom to get access to their own data files.

Cyber attacks are not going to go away. In fact, they are getting more frequent. Call 720-600-7470 to talk to your agent at Aspen Gold Insurance Brokers in Broomfield, CO to get a quote for umbrella insurance that covers the risk of cyber attacks.

FAQ’s About Umbrella Insurance

what is umbrella insurance

There are many frequently asked questions (FAQ’S) about umbrella insurance. Maybe you think, I am covered, but Umbrella Insurance can assist in closing gaps in cover. Perhaps the most frequently asked is….

Just What Is Umbrella Insurance?

It’s called “umbrella” insurance because it covers so much. It’s a supplement to basic liability policies such as home, auto, or renters.

Why Is It Important?

Is your home important? This plus your car, investments, and retirement fund are all important accounts that need to be secured. If you’re ever sued or are short on basic insurance, umbrella insurance is perfect for that rainy day. Should anything unfortunate happen, umbrella insurance is the thing standing between you and financial ruin.

How Much Should I Have?

Ask yourself the following three FAQ’s About Umbrella Insurance. How risky is my life in general? What is the net worth of my assets? What would happen if I were to lose my income? An agent of Aspen Gold Insurance Brokers of Broomfield, CO will be happy to help you figure out how much insurance you need.

What Does It Cover?

Umbrella insurance will cover the cost of medical bills or liability claims should you be found at fault for another’s injury or property damage. If you are a landlord, umbrella insurance is essential for covering liability claims made on your property. If you are sued for libel, slander or otherwise causing mental anguish, umbrella insurance is there for you.

How Does It Work?

Once your basic liability limit has been maxed out, umbrella insurance can give you that extra you need so that you won’t pay much, or perhaps anything out of pocket. Should you be in a business on the risky side and already have general liability insurance, umbrella insurance increases your coverage limit.

Have more questions? Contact an agent at Aspen Gold Insurance Brokers of Broomfield, CO.

Umbrella Insurance Policy vs Irrevocable Trust

Umbrella Insurance

When you make a purchase for an umbrella insurance policy, it is imperative that you understand how this type of insurance works. In and of itself, umbrella insurance does not provide any type of coverage. Instead, it provides coverage on top of the insurance you already have. For example, if you are in an auto accident and your insurance is exhausted after paying $50,000, your umbrella policy may provide an additional $50,000. Your regular insurance, however, would have to be exhausted first before your umbrella policy could be tapped into.

If you acquire money through an umbrella policy, you may be required to pay taxes on it. If a lawyer helps you get the money, you may even owe him or her money out of the funds you acquire. With an irrevocable trust, though, your money cannot be touched by anyone but you. This is why it is important to understand the difference between an umbrella policy and an irrevocable trust.

There are so many things to know about an irrevocable trust and an umbrella insurance policy. It is always of the utmost importance that you speak with a qualified insurance agent to help determine which type of policy will be best for you. Some people find that they benefit from having both types — an umbrella policy plus an irrevocable trust. Contact an agent with Aspen Gold Insurance Brokers serving the Broomfield, CO area today. We can help you determine all of your insurance needs and help you sort through the many different types of policies. It is our goal to ensure you are covered with the best insurance possible.

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