Excess liability insurance, often referred to as umbrella insurance, supplements the existing liability coverage that you already have on your auto and home insurance policies. In the event of a catastrophic loss, this extra layer of coverage allows for financial protection far beyond the normal limits. Many individuals purchase excess liability insurance to protect themselves against lawsuits related to negligence or bodily injury. Although technically not required, there are many potential benefits from having an umbrella policy — from peace of mind to long-term financial security. In fact, most risk management specialists consider such policies essential to effectively reducing financial risk.
There are many factors that need to be considered when deciding how much excess liability insurance is needed. Since there is no simple answer, the best thing to do is to talk to you local insurance agent. Bart Baker has been in the insurance industry for over thirty years and has gained extensive knowledge about excess liability insurance. Contact a B.W. Baker representative today to learn more about your umbrella insurance options.
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