Category: Umbrella Insurance

Liability risks should always be taken seriously when you are in the Avon Lake, OH, area. As personal liability risks will always exist, it is always a good idea to ensure you can mitigate this risk. One of the ways you can do this is by investing in a full umbrella insurance policy. There are a lot of situations when it would make sense to get this type of coverage here. 

When Trying to Reduce Financial Risks

A primary situation when you will want to have an umbrella plan is when you are trying to reduce your financial risks. If you have significant assets, you could be more at risk for a liability claim than others. The judgment or settlement can be substantial if you are found liable for an accident. If you have an umbrella plan, you will have the support you need to protect your financial assets. 

When at Higher Risk

Having an umbrella plan is also a good idea if you are at a higher risk for a claim. Depending on your situation, you may be more likely than others to be liable for damages. Examples of this include being a public figure and at risk for libel or slander. Umbrella insurance is a great option in these situations. 

It is always crucial that you are adequately covered with an umbrella plan when you are in the Avon Lake, OH, area. This is a great way to manage your personal liability risks. As you are looking for a new plan here, it would be wise to call our team with Meiners Insurance. Our professionals with Meiners Insurance will give you any help you need to build a new plan that will meet your needs. 

Transportation companies in and around the Avon Lake, OH area are critical in keeping goods and people moving efficiently worldwide. Safety is a top priority, whether trucking, shipping, or logistics. While companies invest in various safety measures and insurance policies, there’s one additional layer of protection that can make a substantial difference in times of crisis – umbrella insurance.

Why Transportation Firms Need Umbrella Insurance

• Protection Against Catastrophic Events: Transportation firms often face risks on a large scale. Commercial vehicle accidents can lead to significant damage, injuries, or even loss of life. When such catastrophic events occur, the costs can quickly surpass the limits of standard liability insurance. Umbrella insurance offers extra coverage to protect a company from potentially devastating financial losses.
• Coverage for Legal Claims: Transportation firms are no strangers to legal claims. The legal costs can add up rapidly, whether it’s an accident involving a third party, contractual disputes, or employee-related lawsuits. Umbrella insurance can cover the legal expenses associated with these claims, ensuring the financial burden does not jeopardize the company’s operations.
• Financial Security for Property Damage: In addition to the safety of human lives, transportation firms must consider the value of their vehicles and equipment. In an accident that causes significant property damage, umbrella insurance can help cover the costs of repairs or replacements, protecting the company’s assets.

Customized Policies for Transportation Firms

Umbrella insurance policies can be tailored to meet the specific needs and risks transportation companies face. The coverage amount can be adjusted to provide an appropriate safety net based on the company’s size and the scope of its operations.

Meiners Insurance Can Help You

At Meiners Insurance, we can help answer questions concerning umbrella insurance. We serve the Avon Lake, OH area. Contact us today. 

Umbrella insurance is a type of coverage that’s designed to protect you from some of the costs associated with personal injury or property damage claims. If you become involved in an accident, for example, and are found liable for damages – like medical expenses, legal defense fees, or even punitive damages – your umbrella insurance policy may cover some of those expenses. Meiners Insurance is here to assist Avon Lake, OH residents with all their insurance-related queries. 

Who needs umbrella insurance?

Most standard homeowners or auto policies include liability limits that are too low to provide meaningful protection against large claims. An umbrella policy can often extend your liability coverage to a million dollars or more at a very reasonable cost when used as part of a well-designed insurance program.

Umbrella insurance is a great option for anyone who wants extra protection from costly personal injury or property damage claims. If you have a lot of assets that you want to protect, or if you have a high net worth, umbrella insurance can be a wise investment.

Umbrella insurance typically works in conjunction with other types of insurance policies, such as homeowners or auto insurance. It will provide additional coverage above and beyond the limits of those other policies in the event that you are sued or held liable for damages. This can be a great way to protect yourself from potentially costly legal expenses and damages.

Contact Us Today

Umbrella insurance can also provide peace of mind to those who are concerned about being sued: even if you don’t end up using your coverage, the financial backup it provides could be invaluable if a lawsuit does come your way. To learn more about umbrella insurance and whether it makes sense for you, talk to an agent from Meiners Insurance today! We proudly serve the Avon Lake, OH area.

What happens if damages you caused in an accident exceed the amount of your insurance coverage? If you have an umbrella insurance policy, then you may be covered. If not, you could incur additional expenses. There are benefits to having an umbrella policy.

Here at Meiners Insurance in Avon Lake, OH, we want to provide you with the right insurance policy options that suit your situation. With that in mind, here’s how umbrella insurance works.

What is Umbrella Insurance?

Umbrella insurance is additional personal liability insurance. It provides protection beyond the limits of your existing coverage for your home, auto, or boat.

Furthermore, it can provide coverage for:

• Injuries
• Damages
• Certain lawsuits
• Personal liability situation

How Does Umbrella Insurance Work?

Since umbrella insurance provides liability insurance, it will cover you if you are at fault.

For example, let’s say a guest falls in your home. Your homeowner’s insurance, if it includes personal liability, would cover the injured person’s expenses up to the limit specified in your policy. Umbrella insurance, on the other hand, would cover any additional expenses the injured person experiences.

Also, liability doesn’t just exist for injuries. Liability also applies to damage to property. Also, liability exists in cases of slander and libel.

Therefore, umbrella insurance provides you with extra protection when:

• You are liable
• You have reached the limit of your basic policy
• Your other policies don’t cover your liability, such as slander or libel

Finally, an umbrella policy covers not only the policyholder, but it covers everyone in the household.

Think of Umbrella Insurance as Above and Beyond

Basically, you can think of umbrella insurance as liability insurance above and beyond your normal coverage.

Contact Meiners Insurance in Avon Lake, OH to find out more about umbrella insurance coverage.

Business owners turn to the team at Meiners Insurance to help them protect their commercial interests in the greater Avon Lake, OH area. If you are the owner of a growing business, it may be time to add a commercial umbrella policy to your insurance portfolio. Protect your hard work with a comprehensive insurance plan!

Benefits of commercial umbrella policies

Like most insurance types, commercial policies have protection limits. This means that once your policy is exhausted, you become financially responsible for any loss that your business may suffer. It is because of this that many business owners also carry umbrella policies to protect their companies. 

For example, if your company suffers a catastrophic loss through a covered event, your primary policy may not be enough to cover all of the damage. Fortunately, there are supplemental policies that businesses can carry. An umbrella policy will go into effect when and if the primary policy is exhausted.

This type of protection is especially important for companies that are growing. A growing company that is just hitting its stride can be decimated by a significant and uncovered loss. Because of this, business owners who are still in growth mode and not yet established will want to pay close attention to their umbrella policy options. Make sure that you have the right protection in place at the appropriate coverage level.

Count on us for your commercial insurance needs

At Meiners Insurance, we understand how much hard work and dedication it takes to grow a successful business. If it’s time to review the protection that your current commercial policy provides for your Avon Lake, OH business, we can help. Call us today to schedule a consultation to review your policy needs.