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IPS / Lighthouse Insurance Group Blog: loss assessments

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Woman under umbrellaIt’s no surprise that a lot of successful business people use a number of resources for advice, particularly when it comes to financial, legal and insurance decisions. When it comes to protecting assets, either as a store owner or real estate investor, the need for the right insurance policies are crucial.

Of course, the main consideration in choosing insurance is the personal liability that comes with, say, owning that rental property. As such, an umbrella insurance policy can help owners if they are the subject of a major claim.

An umbrella insurance policy is like having a mega-liability policy by providing personal and estate protection in areas like:

  • Personal injury: If you’re sued because someone thinks you libeled, defamed or slandered them (to name a few), the policy provides coverage to help defend you in the lawsuit.

  • Loss assessments:  In general, only specific amounts for a claim are covered if you’re sued by a tenant or a visitor to your property. It also provides protection if a corporation or association sues you.
Here’s just one example of coverage for a million-dollar lawsuit because you backed over someone at your place of business or rental property:
  • An auto insurance policy’s bodily injury limit of $300,000 kicks in; still, there’s a $700,000 gap to cover, which is where the umbrella insurance policy comes in.

In short, the umbrella protection adds another level of liability coverage that is above the limits one might already have on their homeowners, auto, business or boat insurance. Furthermore, it just may offer a broader scope of protection from any claims that might be excluded by your primary insurance coverages.

We’ve got you covered. Call Insurance Planning Service at (734) 421-9900 for more information on Michigan umbrella insurance.

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Lighthouse Group Main Office in Grand Rapids, MI
Mailing Address | P.O. Box 530009, Livonia, MI 48153

Phone: 734.421.9900 | Toll Free: 800.220.5582 | Fax: 734.421.9911

Also serving these Detroit area communities in Michigan: Livonia, Farmington Hills, Ann Arbor, Southfield, Plymouth, Canton, Westland, Northville, Novi, Dearborn, South Lyon & Walled Lake