Umbrella insurance is an invaluable addition to any insurance policies that you currently carry. While your standard insurance policies should hopefully offer the coverage you need to support you financially, the reality is that damages and lawsuits can sometimes exceed what your policy will pay out. That being said, there are different types of umbrella insurance policies. Notably, there’s personal and commercial umbrella insurance. What are the differences? Which one is right for you? Let’s look at each. Once you are ready to shop for a policy, you can work with us at Ellis Insurance Agency in San Antonio, TX, to find a policy that meets your needs.
What Are the Differences Between Personal and Commercial Umbrella Insurance?
Personal umbrella insurance policies are designed to be extensions of common policies such as homeowners insurance, auto insurance, and boat insurance, for example. This form of umbrella insurance strictly protects your personal assets (be mindful of side hustles or home businesses, which are not going to be covered, despite being more ambiguous than other business activities). These types of policies do offer millions of dollars in coverage, but they offer lower amounts of coverage in comparison to commercial policies.
Meanwhile, commercial umbrella insurance is an extension of policies such as commercial liability, commercial auto insurance, or even cyber insurance. This type of umbrella insurance covers all of your commercial assets. Commercial umbrella insurance often comes with much higher coverage amounts because of how expensive business-related lawsuits can be. This is especially true if you scale to the size of an enterprise company.
Regardless of what type of umbrella insurance you need, you aren’t alone in shopping for it.
Discover Your Options With Ellis Insurance Agency
With our support here at Ellis Insurance Agency in San Antonio, TX, shopping for umbrella insurance becomes a simple, stress-free process. Get a quote from us today!
