Even the most risk-averse among us still needs to protect their long-term financial health from unforeseen losses. It’s important to safeguard your hard-earned assets in the event that you are faced with costly lawsuits or claims. If you have significant savings, own a business, or otherwise fit into a number of different categories that increase the likelihood that you will be involved in a claim, you may benefit from additional personal liability coverage known as umbrella insurance.

At Doeren Mayhew Insurance Group, we specialize in delivering customized insurance solutions for individuals and business owners. We have the expertise to quantify your perceived scope of risk — given your lifestyle, current and future assets, and financial goals — and provide an umbrella policy that covers the value of any assets that need long-term protection.

What is Umbrella Insurance?

This supplemental coverage can be added to your standard auto or home insurance policies to secure essential coverage when those policies have been exhausted. From your car, house, and savings accounts, to your future income, your assets will be protected when umbrella insurance kicks in. Common liability claims that have the potential to cost you more than your standard policies may cover can range from bodily injury and property damage to slander or libel.

Who Needs Umbrella Insurance?

When your primary policy is not enough to cover costly financial losses due to lawsuits or other claims, umbrella insurance provides the additional coverage you need. Anyone who owns anything of value is vulnerable to financial losses if any number of liability claims arise. These types of lawsuits, or the need to finance your defense, can result from different events like car accidents, sporting incidents, false arrests, or dog bites. The financial burden for the insured individuals could cost hundreds of thousands of dollars to both defend and settle.

In addition to business or property owners, people who fit the following descriptions should consider getting umbrella insurance to increase the level of protection they have against potential claims:

  • People who own dogs or pets that are known to be dangerous
  • People who have a swimming pool or trampoline
  • Property owners that do not have security systems
  • People who own boats and other recreational vehicles
  • People who coach youth sports
  • People who are known to talk about other people, companies, or entities
  • People who frequently host guests on their property
  • Volunteers
  • Parents and guardians of teen drivers

At Doeren Mayhew Insurance Group, our umbrella insurance policies are customized to protect your current assets as well as any future income that may otherwise be garnished without this additional level of protection. Contact us today to schedule a consultation so we can better understand how to set you up for long-term financial stability.