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What to Look for with an Umbrella Insurance Policy

Sometimes, what you get with an insurance policy just doesn’t cut it. When this happens, you need to request an additional amount on top of this to protect your assets. That’s where umbrella insurance comes into play. It may never have occurred to you that you could get such a policy. An agent at Insurance Source Solutions of Oklahoma can assist you by discussing your needs and setting this up.

What an Umbrella Policy Should Offer

With an umbrella liability policy, you want something that offers broader coverage. This can be applied to your home, auto, or business insurance, among other types. This ensures that you’ll have liability protection over the amount of your basic liability policy in case you have a bodily injury or property damages claim that exceeds your limit. The umbrella policy will kick in at that point to cover the rest.

Your umbrella policy’s coverage trigger should be the same as the underlying policy’s coverage trigger. For instance, if it’s claims-made for the basic policy, it should match the umbrella policy.

It’s ideal to have a policy that states it will "pay on behalf" rather than reimburse you at a later time. This way, the amount will be paid upfront, so you don’t have to hold up your company’s or personal funds.

It’s in your best interest to avoid an umbrella policy that has a self-insured retention clause since this would require you to pay out-of-pocket for each claim that’s covered by your umbrella policy that wouldn’t be covered by your primary insurance.

Here at Insurance Source Solutions, we pride ourselves on helping our Oklahoma customers make the right choices regarding their insurance needs. Contact us today to get started.


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