Umbrella Insurance Policies

Chicago Insurance Advisors

Umbrella insurance offers supplemental liability and other various forms of coverage. This type of plan protects individuals or businesses from any major lawsuits that usually involve personal injury. Millions of dollars might be on the line when such cases are brought to court.

Umbrella coverage is designed to protect people, companies and organizations that might be held accountable for causing injuries, property damage or emotional distress to other individuals. Businesses can protect themselves from lawsuits that might ultimately get settled for millions of dollars in the favor of the plaintiffs. Without this insurance protection, personal and business assets might be lost in order to cover the expenses for the lawsuit settlements.

When a person or business is at fault for injuring someone or damaging something, a claim must be filed with the agency providing the Umbrella insurance. The policy will provide compensation for legal expenses associated with any lawsuits that are brought against the policyholder. Additionally, this insurance fully covers up to a maximum amount the final settlement for personal injuries sustained by those filing the lawsuits. Umbrella insurance essentially pays for what other liability insurance policies do not cover.

Bodily injury liability is one of the most common types of coverage in umbrella coverage. This plan pays for any personal injuries sustained by victims of accidents that were caused by insurance policyholders. Property damage liability also covers expenses associated with fixing or replacing property that was damaged by the insured individual or business. Insurance with umbrella protection can also defend clients against any libel lawsuits.

The biggest benefit of Umbrella insurance is that it offers peace of mind if hefty lawsuits are filed. With such protection, policyholders don't have to worry about losing their homes, vehicles, jewelry and other valuables and that would be otherwise used to pay for settlements in court. This insurance frees clients from potential life long debt because of some negligence.

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