Having proper insurance is all about considering risks and then preparing for those risks. At Thompson Insurance Services, serving Highland Village, TX, we want to help you assess these risks to make wise insurance choices. Let’s look at umbrella insurance and who should invest in this type of coverage. 

What Is Umbrella Insurance?

Umbrella insurance is a special type of insurance coverage designed to help pay for expenses that other pre-existing insurance policies would not cover. There are times when an insurance policy is exhausted. When this happens, any remaining expenses become the individual’s responsibility. If this happens, it could leave you financially vulnerable after paying these expenses. 

Who Should Invest In Umbrella Insurance?

Umbrella insurance can be beneficial to anyone, but it can be especially helpful for people with a lot of assets to protect or those at an increased risk of liability. This might include business owners or people who have highly risky careers. 

How Does Umbrella Insurance Work?

Umbrella insurance is not intended to cover any specific type of expense, but rather it is designed to pick up where other policies might leave off. For instance, if a business owner’s liability insurance does not cover all expenses incurred by a claim event, the umbrella policy can kick in to pay the remaining costs. 

To set the policy coverage amount, you should talk with an insurance expert. They can help you determine your liability risks and how much additional coverage you might need. 

If you want to learn more about umbrella insurance, please contact us at Thompson Insurance Services, serving Highland Village, TX, and the surrounding areas.