How Commercial Umbrella Insurance Can Help With Professional Liability

If you run a professional practice in Tyler, TX, you may already have a professional liability cover. While this covers you for most eventualities, the reality is that it may not always be enough. While professional liability coverage can adequately cover most claims, there can be moments in your practice when claims can exceed your professional liability. When this happens, you could plunge into a financial crisis as you may have to pay the difference out of pocket. This can lead to severe losses for your practice and, in some cases, even bankruptcy. 

If you are a practitioner such as a physician, software consultant, accountant, or stockbroker, you need not worry about excess professional liability. The good news is that commercial umbrella insurance will protect you from such an eventuality. 

How Commercial Umbrella Insurance Can Protect Your Business

Commercial umbrella insurance kicks in at the limit of your professional liability cover. It picks up the excess if a claim is more than your liability coverage. This protects your personal finances and also the financial health of your practice. However, you will need to find the right commercial umbrella insurance cover depending on the type of practice you run and your unique professional liability risks.

Get Top-notch Commercial Umbrella Insurance From EasTex Insurance Associates Inc.

Umbrella insurance coverage differs across various insurance companies. To find the right commercial umbrella insurance for your business, come to EasTex Insurance Associates Inc. We are an insurance agency that serves clients in Tyler, TX, and its surrounding area. Our friendly and professional insurance experts will match you with the right commercial insurance provider. This ensures that you effectively manage any professional liability risks. Additionally, it gives you complete peace of mind that your business is safe in case of any eventuality regarding professional liability. Get in touch with us today for more information about commercial umbrella insurance for your business.

Questions to ask when purchasing umbrella insurance

Whether it’s your first time or your fifth time buying insurance in Tyler, TX, there will always be that one question whose answer you can’t find. The questions can triple, especially if you‘re looking to buy umbrella insurance for the first time. At EasTex Insurance, we recommend researching policy details and checking different insurance companies to determine which one is right for you. In this article, we will respond to some of the most commonly asked questions.

How much umbrella insurance do I need?

The amount of umbrella insurance to buy heavily depends on your needs. You can start by estimating the value of your assets, including your home, savings, cars, and investments. Check the limits of the existing liability coverage. If the value of your assets exceeds the current liability coverage limits, you should consider topping up with umbrella insurance.

Do renters need umbrella insurance?

Yes. People who live in rented spaces can also benefit from umbrella insurance. If you often have visitors in your Tyler, TX home, your renter’s insurance may not always be adequate to cover for injuries that your guests may sustain while at your house. Umbrella insurance can help pay the rest.

Does umbrella insurance cover my business?

Yes. If you are looking to add an extra layer of protection to your business, you can buy commercial umbrella insurance. Note that you need general liability, professional liability, commercial auto liability coverage, and other policies to act as the primary policies when buying umbrella insurance.

Can I be sued beyond the limits of my umbrella insurance?

Unfortunately, yes. That’s why it’s prudent to reach the maximum limit in your umbrella insurance policy.  If your umbrella policy has a limit of $1.5 million, a court can award damages in excess of that amount. Luckily, many insurance providers offer limits as high as $5 million.

For more information about umbrella insurance, contact EasTex Insurance today!

Protect your business with umbrella insurance

Business owners in the greater Tyler, TX area can rely on EasTex Insurance for all of their commercial insurance needs. If you have found that your coverage levels have outgrown your primary policy, it may be time to take a look at umbrella insurance. Building a business takes a lot of hard work, and it makes sense to protect your time and effort!

Main benefits of umbrella insurance

Typically, commercial insurance policies have coverage limits and once they are exhausted, the policyholder can become responsible for any excess loss due to a covered event. When you have a commercial umbrella policy in place, that coverage will kick in when the primary policy is exhausted.

This type of coverage is well-suited for businesses that operate in highly litigious areas, such as those susceptible to slip and fall suits, or who carry a lot of inventory or equipment. This additional coverage can make a difference between having the coverage you need or having to have your business absorb the costs. 

However, the main benefit of an umbrella insurance policy is the complete protection that it provides. You can rest easy knowing that your hard work is protected, even if you exceed your primary policy limits. Today is a great time to discuss your complete insurance needs with your local agent.

Learn more about umbrella insurance today

The EasTex Insurance team is here to answer all of your questions pertaining to umbrella insurance and the protection it provides businesses. If you’d like to learn more about how this type of policy can help protect your Tyler, TX area business call or stop by today!

Umbrella Insurance: The Insurance that Covers Life’s Rainy Day Surprises

Just like an umbrella protects you from the rain, umbrella insurance protects you from life’s rainy day surprises. In Tyler, TX the place to go to learn about umbrella insurance is your friends at EasTex Insurance.  With decades of experience to their name, there is not a lot they have not seen happen in the lives of their clients. That’s why their clients are happy they purchased umbrella insurance for those unexpected times. 

What it Covers

Umbrella insurance covers the gaps in other insurance policies. It is mostly meant for covering your physical assets such as homes, cars, boats, and other properties as well as monetary properties such as gold, silver, bitcoin, and other hard assets.

Is it Required?

No. Umbrella insurance is not required insurance in the state of Texas. It is just optional insurance that can help you fill the deficiencies of your overall asset protection by covering what the others don’t and adding to your total coverage amount. 

Depending upon how much gap insurance you need, your friendly agent at EasTex Insurance can help you decide how much asset protection you are lacking. By taking a look at other policies you may have in place, they can estimate how much you lack to cover other unexpected losses from fire, theft, acts of nature, and more.

Let’s face it: Life is unpredictable. The time to buy insurance is before you suffer a loss. That’s where your insurance experts can help. Knowing what you need to protect and how much you have in your budget to spend can help them help you make the best decisions.

In Tyler, TX your insurance pros can be found at EasTex Insurance. Umbrella insurance is there when you need it, to cover life’s rainy day surprises so that your tomorrows will bring sunshine. 

Do business owners need umbrella insurance?

Business owners have so many things to worry about, which forces them to buy several insurance policies to protect their hard-earned investments. Every business, big or small, may require some good amount of general liability, workers’ compensation, professional liability, and many other commercial insurance policies. But there is one critical policy many forget—umbrella insurance. If you are looking to add some extra liability coverage to your business in Tyler, TX, here is how you will benefit.

Umbrella insurance is extra coverage.

If your business involves having clients walking in and out of the building, you may want to consider having extra liability coverage if things go wrong. For instance, if you run a bar and restaurant, it’s common for customers to drink, cause chaos, or behave inappropriately, which could lead to property damage, injuries, lawsuits, and other losses. Additionally, the chances are that your professional liability or general liability may not be adequate to cover all your liability needs, and that’s where you will need umbrella insurance. Remember that umbrella insurance is not self-sufficient, and you may need to use your primary policies, and the umbrella only comes in when they are inadequate.

Liability goes beyond what basic coverages offer.

Lawsuits can be pretty messy and expensive. Whether you are starting a small or large business, a commercial umbrella helps you stay stable even after lawsuits. It offers you the peace of mind you need to run your business and focus on the most important aspects. At EasTex Insurance, we recommend speaking to your insurance agent before making any purchase to help you focus on the right premiums for your business.

Big businesses will benefit from the additional liability coverage.

The bigger the business, the bigger the risks and the higher the lawsuit payments. Big business owners need additional liability coverages to ensure that their business stability is not threatened.  Umbrella insurance is also far less expensive than stretching premiums.

Contact EasTex Insurance in Tyler, TX to help you secure an umbrella insurance policy for your business today!

Beginners Guide to Umbrella Insurance

When it comes to umbrella insurance, the best way to think of it as a safety blanket for your key assets like savings and investments. While every insurance policy from commercial to homeowners to auto will include liability coverage, there is always a maximum amount that the insurance company will stop paying at. Consequently, if you are sued or face damages over the maximum liability coverage on your specific insurance policy, then you are on the hook to pay the difference. 

As an example, let’s say that your teenage son – who is listed on your policy – gets into an auto accident that results in significant damage to both property and injuries to a third party over $200,000. If the property damage and bodily injury liability portions of your policy exhaust at $200,000, then the difference is your responsibility. Purchasing an umbrella policy means that you’ll have coverage above that amount to a specified limit. 

In addition to covering damages to your umbrella policy limit, it will also cover legal costs associated with any accidents. Keep in mind that umbrella insurance does not cover injuries or property damage to yourself or something that you own. In addition, unless you have a commercial umbrella policy, traditional coverage won’t include any businesses. Lastly, the vast majority of policies do not cover liability that originates because of a breach of contract like not paying a contractor for work that they’ve done that was within their scope of work. 

When it comes to finding the right umbrella insurance policy, it’s crucial to have a team of trusted professionals working on your side. For that, look no further than EasTex Insurance in Tyler, TX and give us a call to discuss your needs. 

Umbrella insurance: Who is it for?

Extra liability coverage or umbrella insurance is often confused by many insurance holders. Most people claim it is for the wealthy or for companies with huge assets. This common misinterpretation often happens due to the fact that umbrella insurance is "additional coverage." There is also a report that another reason is that it can only be used where the primary home, auto or watercraft insurance is depleted. At EasTex Insurance in Tyler, TX, we help clear the air and answer the title question, "who is it for?"

Who can benefit from umbrella insurance?

The simple answer to this question is "everyone." In fact, umbrella insurance is as vital as any other basic policy. Accidents and lawsuits happen every day, and sometimes we cannot control how much compensation fees we may cough out. If your basic insurance policy is depleted, umbrella insurance can help sort out the rest.

How can umbrella insurance save me?

There are so many instances when umbrella insurance may be of help. For example, if you were involved in an accident where you hit an expensive car and you happen to be at fault, your basic car insurance may not be sufficient to cover for the whole amount being requested. This is where umbrella insurance will come in and clear the rest.

How does umbrella insurance work?

Umbrella insurance is an additional policy to the standard policies that help pay damage, legal fees, medical bills compensation in case a policy is rendered inadequate to cater for the liability costs. Remember, all standard policies have limits.

Umbrella insurance is an essential policy, like any other basic policy. It helps you manage your finances in case of a disaster. To learn more about umbrella insurance, visit EasTex Insurance in Tyler, TX today.