Category: Umbrella Insurance

Kingston Insurance Agency LLC is here for business owners in South Kingstown, RI and the surrounding areas. If you are looking to boost your liability protection, contact our office today to learn more about the umbrella policy options currently available.

Umbrella insurance can help protect your local business

When it comes to protecting a local business, liability coverage is important. As a business grows and becomes more established, its liability risk and exposure often increase. A primary commercial policy will only provide a certain level of protection. And, once that policy is exhausted the umbrella policy will come into play to protect your company’s assets. 

And, depending on how the company is structured, the owners could potentially be held personally liable for any damages that exceed the amount of coverage provided by the primary policy. This is why having an umbrella policy in place is so important. Having this protection in place is an effective way to ensure that your company has the coverage it needs.

Now is a good time to take a closer look at an umbrella insurance policy for your local business. Our team is here to help you determine which policy can meet your business’s unique needs. Adding this insurance type to your commercial insurance portfolio is an effective way to make sure that your business and its owners are protected from liability risk.

Contact our office today

If you own or operate a business in the South Kingstown, RI area, you can depend on the Kingston Insurance Agency LLC team for all of your insurance needs. Contact us today to set up an appointment to learn more about how an umbrella insurance policy can help protect your business. 

If you’re like most people, you probably have some form of insurance to protect your home, car, and health. But what about protecting your assets? That’s where umbrella insurance comes in. Kingston Insurance Agency LLC South Kingstown, RI is here to explain how this policy works and why you may need it.

What Is Umbrella Insurance?

An umbrella policy is an insurance policy that acts as a safety net, providing liability coverage over and above the limits of your other policies. It kicks in when you’ve reached the limit on those other policies and can help provide financial protection in the event that you’re sued for damages. 

For example, let’s say you’re involved in a car accident that wasn’t your fault, and the other driver sues you for $500,000. If you have a $300,000 limit on your auto insurance policy, the umbrella policy would kick in to cover the remaining $200,000. Umbrella insurance can also provide coverage for claims that may not be covered by your other policies, such as libel or slander. 

How Much Umbrella Insurance Do You Need?

The amount of coverage you need will depend on several factors, such as the assets you own, the amount of liability coverage you already have, and your risk tolerance. 

As a general rule of thumb, experts recommend carrying umbrella insurance equal to at least 1-2 times your net worth. So if you have a net worth of $500,000, you should carry $1 million to $2 million in umbrella coverage. 

Of course, this is just a general guideline. You may need more (or less) depending on your unique circumstances. A good place to start is by looking at the limits on your homeowners and auto insurance policies and determining whether those limits are adequate to protect your assets. If not, then umbrella insurance is probably a good idea. 

In most cases, umbrella insurance policies start at $1 million in coverage but can go up to $5 million or more. The cost of an umbrella policy will depend on the amount of coverage you purchase as well as factors like your age, gender, credit score, driving record, and claims history. 

Get Umbrella Insurance Today

Umbrella insurance can go a long way in helping you. Now that you know how it works, contact Kingston Insurance Agency LLC in South Kingstown, RI for a quote or consultation.

On the hunt for umbrella insurance in South Kingstown, RI? Look no further than Kingston Insurance Agency LLC – we’ve got the team and knowledge to help you build a custom insurance plan that checks all the boxes. 

Umbrella insurance can be confusing; many people wonder how necessary it really is, or if they’re just wasting their money. We’re here to tell you umbrella insurance is worth the investment for many reasons, the most important being your peace of mind. 

What does umbrella insurance provide?

1. Property damage liability

This can include scenarios like the property (vehicles, personal property) of guests at your home getting damaged or destroyed

2. Bodily injury liability 

Hospital bills like exams and treatment expenses

There are many other costs and coverage that umbrella insurance covers, and there is certainly a plan out there that can protect you and your loved ones. The investments we make, like vehicles, buying a home, recreational vehicles, and more can all be covered under the right umbrella insurance policy. 

Like all insurance, umbrella insurance provides peace of mind when something happens. You can’t plan for everything in life, but you can be prepared by having appropriate insurance and a full coverage policy for protection. 

If you own or rent a property, have a vehicle, own a boat or RV, have pets or children, umbrella insurance can provide you with additional coverage that will have you resting easily at night, knowing your assets and investments are properly insured. 

If you’re a resident of South Kingstown, RI and are looking for an insurance agent, contact the team at Kingston Insurance Agency LLC. We’re here to help you find the best insurance policy for your lifestyle needs, and we’d love to work with you.