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Umbrella Insurance - Coverage You May Not Know About

Umbrella Insurance – Coverage You May Not Know About

One of the best advantages of having the Martin Financial Group taking care of you is their vast experience. There exist coverage plans that are of paramount importance that may be entirely unknown to you. Among the strongest examples of this is umbrella insurance.

What Is Umbrella Insurance?

Umbrella insurance is an additional coverage policy that is designed to work in tandem with other policies. When it comes to liability, few safeguards are designed to cover the entire cost of a settlement. Most liability insurance is incorporated into other plans, like automotive coverage. In cases that include personal injury or property damage, civil suits can award extremely large compensation. This is where umbrella insurance kicks in, supplementing any other applicable policies to mitigate the cost of the settlement.

Umbrella insurance comes in three varieties. There are specific plans for personal coverage, high-value coverage and business coverage. Personal coverage is what it sounds like, designed to cover an individual. Business plans are also straightforward and can be tailored based on the general risk your type of business incurs. High-value plans are designed to protect persons or groups who may be at higher risk for large financial lawsuits.

Whatever your needs, there is an insurance plan that will suit you. Speaking with a Martin Financial Group representative is the best first step toward making sure you have the right coverage.