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Are There Different Types of Umbrella Insurance?

Understanding and Choosing Umbrella Insurance in Buffalo, NY

Umbrella insurance extends coverage beyond the limits of other insurance policies, providing protection for expensive claims and lawsuits in Buffalo, NY. With L & S Agency Inc., we help you configure a suitable umbrella insurance policy that covers excess liabilities for potential high-risk activities.

Getting to Know the Common Risks Covered by Umbrella Insurance

Umbrella policies typically cover you against high-cost damages involving bodily injury, libel and slander, legal defense costs, tenants’ injuries, and property damage, particularly if you’re a landlord. For instance, if you often participate in youth sports coaching or hunting, you face the risk of a lawsuit for a major injury under your watch.

Other scenarios needing umbrella insurance include owning a pool or trampoline, a large dog, firearms, participating as a board member of a nonprofit organization, frequently hosting parties, or writing product or business reviews online. Therefore, it’s crucial to customize your policy based on specific risks that apply to you, outlining explicit scenarios covered alongside legal fee coverage, court costs, and when the umbrella policy will step in.

Securing the Right Policy

It’s essential to understand that homeowners who resort to umbrella policies for their properties can’t use the same policy for protecting their business, and vice versa. As a rule of thumb, umbrella coverage is highly recommended for public figures or those whose assets exceed the liability limits of their other insurance policies.

Let L & S Agency Inc., serving Buffalo, NY, help guide you toward securing a proper umbrella insurance policy. Reach out to our office today for a consultation.

Get More Liability Coverage With an Umbrella Policy

An umbrella policy is a great type of insurance to have for many reasons. It adds to the amount of coverage that you have in your home and auto policies. It comes at a far lower cost than if you were to add coverage directly to those two policies. Umbrella insurance comes with a very high maximum payout, but it doesn’t cost very much to get. It’s a great way to get the coverage you need without a huge price tag.

When you want more coverage for your home and auto policies, call us at L & S Agency Inc. in Buffalo, NY.

More Liability Coverage

Liability coverage is part of your home and auto policies. When you get umbrella insurance, it adds more liability coverage to both policies at the same time. This leaves you better covered in case of accidents. If an accident were to happen in your home or with your car, the cost of the medical bills and other expenses could be yours to pay. Your liability coverage pays these expenses so that you won’t be at as much risk of lawsuits. With the policy available to pay for the resulting bills, you can have peace of mind knowing that these will be taken care of. 

How It Works

After an accident has happened, your first policy comes in to pay as much as it can. This may be your home or your auto policy. Once this policy reaches its maximum, there may still be bills left over to pay. That’s where your umbrella policy comes in and pays the rest. This is very important coverage to have, and it comes at a relatively low cost. 

Get Umbrella Insurance Today

When you want to be better covered with an umbrella policy, call us at L & S Agency Inc. in Buffalo, NY.

How much umbrella insurance should you get?

When it comes to protecting yourself from unforeseen circumstances, umbrella insurance from L & S Agency Inc. can be a great way to do so. But how much umbrella insurance should you get here in the Buffalo, NY area? 

Umbrella Insurance Coverage

The amount of umbrella insurance you need depends on the type and size of assets you have. You want to make sure that your umbrella policy has enough coverage to cover all your valuable possessions in the event of a lawsuit. Generally speaking, most experts recommend getting an umbrella policy with a limit of at least $1 million or more, depending on what you have to protect. 

Umbrella policies are also designed to supplement existing liability coverage such as auto and homeowners insurance. If you already have these policies in place, it is important to make sure that your umbrella policy coverage limit covers any potential gaps in existing coverage. It’s also important to consider different types of liability risks and choose an umbrella policy coverage limit that adequately protects against them. 

Finally, consider working with an experienced independent insurance agent who can help determine exactly how much umbrella insurance you need. They are familiar with the ins and outs of various policies and can provide tailored advice on the best option for your situation. 

Consult With Us

No matter what type of assets or liabilities you have, having sufficient umbrella insurance is crucial for financial security in case of a catastrophic event like a lawsuit or other unexpected circumstances. By taking the time to ask questions of an agent here at L & S Agency Inc. and find appropriate coverage limits, you can ensure that your assets and loved ones are adequately protected from any potential risks. So call us today! We are proud to serve the Buffalo, NY area.

What is Umbrella Insurance?

At L & S Agency Inc. in Buffalo, NY, we offer many types of insurance, including umbrella insurance. Umbrella insurance is designed to provide extra protection when you reach the coverage limits of your standard policies. 

What is Umbrella Insurance? 

Umbrella insurance is also known as catastrophe insurance. It’s designed to protect you from catastrophic events, which can be very costly. It provides liability protection beyond your regular home and auto policy and also covers situations that are excluded by these policies.

Umbrella policies are typically sold in increments of $1 million, up to $15 to $20 million.  

How Does Umbrella Insurance Work?

If you reach the coverage limit on your standard home or auto policy, umbrella insurance will cover the difference up to its coverage limit. To qualify, you must have a homeowners and auto policy that meets the requirements of the umbrella policy. 

Let’s take a look at an example of how this type of policy works. You are involved in a major auto accident that involves ten vehicles. You are determined to be the cause of the pileup. 

The total cost of the accident is $1 million. However, your auto policy only provides coverage up to $500,000. In this case, the umbrella policy will cover the gap between your liability and your auto coverage limit, which is $500,000.

What Does an Umbrella Policy Cover? 

An umbrella policy will generally cover anything that your existing home or auto policy covers, with much higher coverage limits. In addition, an umbrella policy covers legal expenses for liability, slander, false arrest, and malicious prosecution. 

Reach Out To Us

If you need umbrella insurance in Buffalo, NY, contact us at L & S Agency Inc. Our friendly agents will discuss your needs and help you select the best policy for your needs. 

Do Businesses Need Umbrella Insurance?

Umbrella insurance is protection designed to exceed the limits of your general liability coverage. Although a business may have commercial insurance, it’s not enough to cover catastrophic liability or potential losses from a lawsuit. Anyone interested in learning more about umbrella insurance for their business can count on the experts at L & S Agency Inc, serving the residents in and around the Buffalo, NY area.

Umbrella Insurance Protection 

Regardless of the limits of liability protection for commercial insurance, more is needed to provide comprehensive protection and peace of mind against risk. Anyone interested in securing reliable protection against liability should consider purchasing umbrella insurance. Customers with questions or needing assistance shopping for an umbrella policy that meets their business’s needs can count on our team of experts to provide them with the support they need. They can carefully assess each business’s current and potential future needs, recommend policies that provide adequate benefits, and offer a comprehensive solution.

Once a customer selects an umbrella policy, the agent can submit documents and information to help secure coverage quickly. Additionally, they can assist with any changes that may occur during the policy’s lifetime and with clean submissions. The goal is to ensure the business has coverage that prevents gaps and losses while giving the business owner peace of mind.

Get Information Today 

Anyone who owns a business in or around the Buffalo, NY area can count on L & S Agency Inc to provide them with the information, support, and education to help ensure they get the ideal umbrella insurance protection level. Call or stop by our office today to schedule a consultation with one of our insurance agents to get more information.

How Does Umbrella Insurance Work for Boats?

Buffalo, NY residents are not obligated to purchase umbrella insurance for their boat policies, yet many people choose to do so.

This is because there are many benefits to this financial investment:

At its most basic, umbrella insurance coverage is designed to work alongside existing policies in a particular area. For example, if you already have boat indemnification, an umbrella policy will extend past the limits of what your standard insurance offers. 

Typically, umbrella insurance will provide benefits once the initial policy’s limitations have been breached, as it typically has higher limits and can extend to situations outside the purview of other insurance. Your L & S Agency Inc. representative can discuss the specifics with you in greater detail.

Because a boat is a costly investment, your potential for damage can be higher than with other possessions. In addition, a collision with another vessel can create significant financial outlay in the form of medical bills and property damage. 

Buffalo, NY boat owners can also be involved in wrecks on land during times when their watercraft is involved in transport. Guests can injure themselves while on board, causing injuries in need of medical care. These can also lead to lawsuits to recover lost wages and medical expenses. 

Accidents can occur when young adult children or passengers decide to take the boat for a spin. Storms can threaten your property, as can theft or vandalism. Investing in an umbrella insurance policy when the stakes are high removes the risk that such expenses will come out of pocket. 

Let Us Work For You

L & S Agency Inc. seeks to make sure you are properly insured in all aspects of life. Contact us today for more information via phone, the internet, or by stopping in person to speak with one of our agents. 

Do You Need Umbrella Insurance? Find Out Here

An umbrella insurance policy is an insurance policy that provides coverage beyond the limits of your underlying policies. It can provide additional coverage for personal liability, legal fees, and more. Getting an umbrella policy is a big decision; that’s why L & S Agency Inc. in Buffalo, NY is here to explain the basics.

How does an umbrella insurance policy work?

Umbrella insurance provides coverage that goes above and beyond your regular insurance policy. If you’ve ever been in a car accident or had a disaster hit home, you may have experienced the financial distress that can occur when insurance limits are exhausted. In these situations, an umbrella insurance policy can be beneficial.

An umbrella insurance policy’s coverage kicks in once the primary insurance policy hits its limit. It’s an extension of your existing policy, so you can’t have umbrella coverage alone.

Benefits of having personal umbrella insurance

Umbrella insurance benefits individuals and families because it provides a level of coverage not otherwise available through the personal insurance market.

For instance, an individual without umbrella insurance would have no coverage for economic damages resulting from a car accident in which the cost of recovery and court fees exceeds their insurance policy limit. It’s an excellent idea for those who own expensive assets, such as valuable jewelry, entertainment systems, and luxury vehicles.

Give Us A Call

L & S Agency Inc. in Buffalo, NY offers umbrella insurance to protect you from significant financial losses. Umbrella insurance can cover damages from lawsuits, car accidents, home disasters, and more. If you’re interested in learning more about the security an umbrella policy can provide, please reach out to us today.

How Umbrella Insurance Works

Having liability insurance is an important way to keep yourself and your finances protected. When you have both home and auto policies, there is another type of insurance that you may need for better protection. Umbrella insurance is a unique type of coverage that adds to what you have in your other policies. If you want to know more about umbrella insurance, call us today at L & S Agency Inc. in Buffalo, NY. 

How Umbrella Insurance Works

More Liability Coverage

Both home and auto policies come with different types of coverage, and one of those is liability protection. The problem is that many of these policies have too little liability protection built-in. This can mean that your policy doesn’t pay all of the liability you owe for medical bills and property damage. When this happens, you end up with an overage, and that is yours to pay from your own pocket. To protect against this happening, there is umbrella insurance. 

Adding to Your Existing Coverage

If you were to add extra liability coverage onto your home and auto policies, it could be prohibitively expensive. It is much less expensive to get an umbrella policy, and it adds extra liability to both of those policies at the same time. When there is an accident that occurs with your vehicle or in your home, your home or auto policy will come in to pay what it can. It will only pay up to its maximum payout, and that might not be much. When there are more bills left after that, your umbrella policy will then come in to pay the rest of it. 

Get an Umbrella Policy

If you are interested in getting an umbrella policy, or you want to know more about them, contact us at L & S Agency Inc. in Buffalo, NY.


4 Questions to Ask an Agent About Umbrella Insurance for Your Business

Are you about to get business umbrella insurance in the Buffalo, NY area? If so, you’d do well to talk to an agent at L & S Agency Inc. about any concerns and questions you may have. They’ll do their best to put your mind at ease. 

What coverage do I actually need? 

The size and value of your business operation will matter a great deal here. Brick-and-mortar storefronts have an added layer of risk, since having a larger number of customers around increases the chances that someone can have an accident or cause damage in your space. 

What’s the amount of coverage for each policy? 

You’ll want to be clear on what amount would be best for your particular situation. The more risk your company has or the more assets you’d like to have covered, the higher you should request for the coverage amount. Though you shouldn’t pay for more insurance than is necessary, it’s just as important to know that you’re adequately covered in the event of a lawsuit. 

When do I need umbrella insurance? 

Just because you have a smaller operation doesn’t mean that you should wait on purchasing umbrella insurance for it. You already likely have a basic commercial insurance policy, but looking into umbrella insurance for those extra areas which might be more at risk is a smart idea. Get the coverage now so that you don’t end up with any unpleasant surprises that can set your company back by a lot. 

Will I be able to afford umbrella insurance for my company? 

Think about this from a different perspective. Can you afford not to have the right amount of coverage for your business? An accident or some type of lawsuit can cost your company a ton of money if you don’t have proper insurance in place. It could be bad enough that you have to close your business. Even if this is only for a short while, why take that risk? 

At L & S Agency Inc. of the greater Buffalo, NY area, we’re happy to help you get the commercial umbrella insurance that will protect your business. Contact us today to set up an appointment and get started. 

Who Needs Umbrella Insurance?

People purchase insurance in order to protect themselves and their families. Umbrella insurance is a type of insurance that adds extra liability coverage over and above other existing insurance policies, including home and auto insurance. Umbrella insurance is not mandatory, but it is definitely worth having it in order to have additional protection and coverage. If you are thinking of getting this type of insurance, here is what you need to know about it: 

What Needs Umbrella Insurance?

Almost everyone can benefit from umbrella insurance. The purpose of umbrella insurance is to help prevent you from paying out of pocket legal bills or medical bills for another person if you are found responsible. For example, suppose one of your guests fell and got injured on your property, and now you are responsible for it. Or, suppose you are at fault for a road accident that caused injuries to other people. Umbrella insurance will cover expenses in these unexpected situations. 

In addition, in most cases, umbrella insurance also extends to other family members, including your husband or wife, children, and other relatives in your household. This means that if your spouse causes a car accident and injured another person, umbrella insurance will protect them too. 

For this reason, umbrella insurance is good for everyone who wants to make sure that they and their family members are properly protected. 

L & S Agency Inc. – Winning Insurance Agency in the state of New York

If you are currently shopping for umbrella insurance, and you are from Buffalo, NY, or any other nearby towns, L & S Agency Inc. is the right place to contact. Our insurance company uses the latest technology and works with clients from Buffalo, NY, as well as other surrounding areas. If you have any questions about umbrella insurance, or you want to know about other insurance options available, feel free to contact our insurance company.