Benefits of umbrella policies for West Virginia businesses

Smith Insurance Agency of West Virginia is here to meet all of the insurance needs of the business owners in the greater Kingwood, WV area. If you own or operate a business in the area, give us a call today to learn more about the benefits of umbrella insurance. 

Why umbrella insurance might be right for you

If your company operates in an industry where there is a lot of liability risk or common lawsuits, it makes sense to have a sufficient amount of liability protection. This can help to protect your firm’s assets and the assets of any principals who have risk exposure. There are several different ways to keep your company protected, and an umbrella policy should be one of them. 

Your primary commercial policy has policy limits and may also have carve-outs of specific claims that it will not cover. And, if you are involved in a lawsuit, you will need to have enhanced protection. Many umbrella policies provide coverage for lawsuit liability and have protection that could help you pay some legal expenses. This type of coverage is critical because, unfortunately, we live in a litigious society that is not always fair.

To protect yourself from such risks, you must build a more robust layer of protection around your company. This is achieved by putting an umbrella policy to supplement your current primary commercial insurance policy.

Let’s work together!

Businesses in the greater Kingwood, WV area can rely on the Smith Insurance Agency of West Virginia. We are here to help you protect your local business and continue to increase its success. Give our office a call today to find out more about the benefits of umbrella insurance.

What Is Umbrella Insurance And What Does It Cover?

If you have already auto insurance, home insurance, and life insurance, you may find it hard to believe that there could be yet another type of insurance that you need. 

What Is Umbrella Insurance?

Umbrella insurance is an extra type of insurance that provides coverage beyond the limits of other existing policies. Umbrella insurance can provide coverage for property damage, injuries, personal liability situations, and lawsuits. 

What Does Umbrella Insurance Cover?

When there is an incident on your property or a serious car accident with high medical bills, you may be responsible for damages exceeding the limits of your auto or home insurance policies. That is when umbrella insurance kicks in by providing extra coverage that goes beyond the limits of your existing standard policies. 

Here is what umbrella insurance usually covers:

  • Liability in excess of car and home insurance policies
  • Libel and slander
  • Mental anguish and psychological harm
  • Legal defense costs for covered losses
  • Liabilities when you travel overseas
  • Malicious prosecution
  • Other things that are not covered by auto or home insurance policies
  • False arrest

The main advantage of umbrella insurance is that it applies to more situations than standard home and auto insurance policies. It becomes especially useful when you are facing a serious financial loss because of the claim. 

Smith Insurance Agency of West Virginia in Kingwood WV – We Help Make Your Bad Days Less Stressful

If you live in Kingwood, WV or any other nearby town in West Virginia and you consider getting umbrella insurance, Smith Insurance Agency of West Virginia will be glad to help you find a policy you need. We specialize in all types of insurance, including umbrella insurance. 

Who should carry umbrella insurance

West Virginia has a wide variety of weather, it isn’t always sunny. When the weather is stormy an umbrella can be very helpful. In insurance terms. umbrella insurance is a lot like a real umbrella with the protection that it offers. An umbrella keeps the rain off your head and umbrella insurance keeps bad things from happening to your assets. Smith Insurance Agency of West Virginia in Kingwood, WV has been serving residents for more than 50 years with dedicated customer service. 

Most people are not very knowledgeable about umbrella insurance, it is one of the most misunderstood types of insurance. For you to buy an umbrella policy, you must already have a primary policy that includes liability coverage. An umbrella policy is an additional layer of liability insurance. It can be added to a home, auto, commercial, condo, or renters policy among others. You may wonder why you would need that much liability insurance. 

When was the last time you looked at the liability limit on your insurance policies? Probably never. This can be very dangerous to your finances. We live in a world where getting sued is a real possibility. If you are found at fault, you could have a very sizable judgment against you. The legal expenses can also be high. With an umbrella policy, after your primary insurance policy reaches its limit, the umbrella will kick in and pay up to its limit. Most umbrella policies are between two and five million dollars. 

At Smith Insurance Agency of West Virginia in Kingwood, WV we know that you have worked very hard to get where you are, and protecting your assets is a major concern. We want to talk to you about your umbrella insurance needs. Stop by our office or give us a call for a no-obligation quote. 

3 Reasons to Add an Umbrella Insurance Policy

If you live in or around the Kingwood, WV area, and you want to add to your level of protection and peace of mind, it may be time to consider an umbrella policy. At Smith Insurance Agency of West Virginia, we can help you find the policy that’s going to work for your needs and situation. You don’t have to settle for a policy that doesn’t give you enough coverage, or that leaves you worried about your level of protection. Instead, you can work with our trusted agents on a policy that’s right for you. Then you won’t need to worry about coverage limits any longer. Here are three of the main reasons you might want to add umbrella insurance to your coverage.

  1. You want to make sure you have adequate coverage that goes above and beyond your current policy limits.
  2. You have special circumstances, such as a celebrity or public figure status, that could put you at risk for unusual situations.
  3. You have a high level of assets that need more protection than average policies allow for. 

When you know you need more coverage, or you simply want to be better protected, an umbrella insurance policy can be the right choice. At Smith Insurance Agency of West Virginia, we can help with that. Our knowledgeable agents will give you plenty of great information, so you can get the help and support you’re looking for. Being an informed consumer is very important, especially when it comes to insurance policies. We want all of our clients in and around the Kingwood, WV area to have the kind of coverage they want, need, and feel good about. Reach out to us today, and let us help you find the umbrella policy you’re looking for.

3 Benefits of Umbrella Insurance

Umbrella insurance can be a lifesaver for a business. Because of how it works, it can ensure that a catastrophic event won’t disable a business or cause it to experience a devastating financial loss. In Morgantown and Kingwood, WV, residents can turn to Smith Insurance Agency of West Virginia if they need answers concerning umbrella insurance and what it covers.

Less Risk of Financial Loss

Having an umbrella insurance policy in place reduces the risk of financial loss a business may face if the unthinkable happens. When a company experiences a devastating event, it could result in the business not being able to recover. Umbrella insurance reduces that risk and protects your financial security.

Picks Up Where Traditional Coverage Leaves Off

If your liability insurance has a cap amount and you are ordered to pay compensation over and above that amount, your umbrella insurance policy will pick up where your other policy falls short. While this may not often happen, having that additional coverage may mean the difference between losing your investment and staying in business.

Added Sense of Security

Having an umbrella policy also gives you, as the business owner, an added sense of security. The protection it affords you can be a blessing, even though you may not have to use it very often.

Contact the agents of Smith Insurance Agency of West Virginia today to find out how an umbrella insurance policy can protect your business from financial loss. If you live in Morgantown or Kingwood, WV, don’t delay! Call and set up an appointment to go over your existing commercial coverage and learn what adding an umbrella policy can do for you!