When clients ask whether they need an umbrella policy we encourage them to answer one question – Is it possible that you could ever be sued?
Before you answer, please consider two things – your personal details and activities.
- Personal details: Is there anything about you (including things you own) that could increase your risk of being sued? Do you have children? Do you own a home? Do you have a dog? What about ‘toys’ including boats, motorcycles, and other recreational vehicles? Any pools, hot tubs or trampolines? Do you own a secondary property?
- Activities: Think about your activities. Do you drive a car? Do you ever entertain guests at your home? Do you participate in sports like golf, skiing, or tennis? Do you or your kids use social media? Do you travel? Do you volunteer or sit on a not-for-profit Board?
If you answered ‘yes’ to any of these questions, you could be personally sued for your actions. Despite best intentions, bad things can happen to good people. People act reasonably and maintain their homes yet injuries and property damage can still occur leading to lawsuits.
An umbrella policy is a great way to protect your assets by providing an extra layer or protection through additional liability limits.
It’s important to know your options. Contact us to learn more about the benefits of an umbrella policy and to ask us for a quotation.
Call Advocate today for an Umbrella Insurance quote.
How do I know what coverage I need?
There are lots of things to consider. One of the benefits of working with a licensed broker is that they’ll review your needs and walk you through your coverage options. A broker, unlike an agent or direct writer, works with multiple insurance companies so they can shop the market and present options for you.
How often do I need to renew my policy?
Most policies renew on an annual basis, however if you have unique needs please call us to discuss.
Do I really need an umbrella policy?
Consider for a moment whether it is possible that you could ever be sued. Do you drive a car? Do you have children? Do you have a dog? Do you ever entertain at your home? Do you or your kids use social media? If you answered ‘yes’ to any of these questions you are personally at risk. Despite best intentions, injuries and property damage can occur. That’s why home and auto insurance policies have liability coverage.
But what happens when that limit is used up? When was the last time you increased your liability coverage? It likely won’t be a surprise to you that court award judgments are on the rise. An umbrella liability policy is an excellent way to bring an additional layer of protection for you and your family. Ask us to provide a quote for your consideration because we want you and your assets to be protected.
What’s the difference between a broker, agent and direct writer?
Unlike an agent or direct writer who works for the insurance company, a broker works with multiple insurance companies so they can shop the market for coverage and rate options for you. Advocate is an independent, licensed brokerage which means we work independently from the insurance companies. We are not influenced to sell you certain products. We work for you and put your needs first.
Insurance is there to protect your family and assets… don’t put them at risk! Always deal with a licensed professional who represents your interests, not the insurance company’s.
Are the brokers at Advocate licensed?
Yes, all our brokers hold their Registered Insurance Brokers of Ontario license which means that they have completed a provincially regulated exam and must fulfill continuing education requirements each year. Insurance protects your family and assets…don’t put them at risk! Always deal with a licensed professional.