Category: Umbrella Insurance

Many small business owners have a vested interest in protecting their assets and their profits. Business insurance provides a variety of different benefits for business owners. The team at The Merhar Agency LLC is dedicated to helping Willoughby, OH business owners get the coverage they need. 

What is Umbrella Insurance?

As a business owner, commercial/business insurance provides protection for accidents, lawsuits, business auto insurance, workers’ compensation, and more. However, there are times when an accident or a loss exceeds the maximum limits of a business insurance policy. This may not happen often, but it does happen from time to time. Umbrella insurance is designed to cover any loss or situation that the primary insurance policy doesn’t cover.

If your accident or loss exceeds the limits of your primary insurance policy, umbrella insurance will cover the overage. Sometimes, if an incident or accident isn’t covered under your business policy, umbrella insurance can act as primary insurance by covering this event/accident/situation. It should be noted that you must have business insurance to be eligible for umbrella insurance. 

I’m a small business owner with one employee. Do I need umbrella insurance?

As a small business owner, umbrella insurance is a good investment if you have assets that you’re concerned about protecting. If you have an accident, loss, or lawsuit, and the coverage limits of your primary business insurance are exceeded, umbrella insurance provides coverage. It’s impossible to predict the future. Umbrella insurance is essentially back-up insurance.

Umbrella insurance provides coverage when the limits of your primary insurance have been exhausted. Although you may not use umbrella insurance often or much at all, it’s good to have it. It’s not designed to be used as primary insurance. It’s actually insurance for your primary insurance.

Schedule A Consultation Today

If you have questions about umbrella insurance, call us at The Merhar Agency LLC in Willoughby, OH. We’d be happy to answer all of your questions.   

Are you an Ohio resident seeking to boost your homeowner’s insurance coverage? The umbrella insurance experts at the Merhar Agency LLC in Willoughby, OH can help!

Do I Need Umbrella Insurance if I Have Home Insurance?

Umbrella insurance is an extra layer of protection that can help if you are sued or liable for damages. If you have homeowner’s insurance, it likely only covers some of it, and umbrella insurance can help fill in the gaps.

What Happens If I Am Sued Without Insurance?

If you are sued and don’t have umbrella insurance, you will be responsible for any damages awarded to the plaintiff up to the limit of your homeowner’s policy. This could mean selling your home or other assets to pay off the judgment.

Umbrella insurance can help protect you from this type of financial ruin.

Do I Need Umbrella Insurance In Ohio?

The need for umbrella insurance depends on many factors, including the amount of coverage you already have and risk tolerance. If you feel that you may be sued or held liable for damages in the future, umbrella insurance can provide an extra layer of protection. Covered policyholders say it is worth the peace of mind it provides.

Can I Get Umbrella Insurance Through My Homeowner’s Policy?

Umbrella insurance is an extra layer of protection that can help if you are sued or liable for damages. If you have a homeowner’s insurance policy, your insurer may offer umbrella insurance as an add-on. 

Give Us A Call

Make sure to compare quotes and contact the Merhar Agency LLC when making a decision! We proudly serve the greater Willoughby, OH region.

If you live in the greater Willoughby, OH area, then you know that umbrella coverage is very important. After all, we get a lot of rainfall here! But how do you know how much umbrella coverage you need? Keep reading to find out how The Merhar Agency LLC recommends calculating the amount of umbrella coverage you need.

How To Calculate Umbrella Coverage?

Find Your Net Worth

To calculate how much umbrella coverage you need, you need to determine how much coverage you need to protect your assets. To do this, you need to calculate how much your personal assets are worth. Then subtract any debt you hold against the assets. Now you know your net worth. The purpose of umbrella insurance is to protect your net worth if your other insurance policies do not cover any claims against you.

Examples 

You have $300,000 worth of assets and you are sued for $500,000. Your homeowner’s insurance will cover $300,000 of the lawsuit, leaving you with $200,000 in uncovered expenses. If you have a $1 million umbrella policy, then your insurer will pay the remaining $200,000, leaving you with no out-of-pocket expenses.

Now let’s say that the same scenario happened, but this time your homeowner’s insurance only covers $250,000 of the lawsuit. This would leave you with $250,000 in uncovered expenses. However, since your umbrella policy has a limit of $1 million, your insurer would still pay the remaining $250,000, leaving you with no out-of-pocket expenses.

Contact Us Today

As you can see from the examples above, it is very important to have umbrella coverage if you own property in Willoughby, OH. If you have questions, call The Merhar Agency LLC. We are here to help.

The Merhar Agency LLC serves the Willoughby, OH community. We offer our clients multiple policies to help navigate life’s risks. For over 40 years, we have proudly served the community by informing our clients about possible risks and supplying their coverage needs. Providing excellent customer service is important to us. We treat our customers like family. We look forward to helping you obtain the right policy for your situation.

Industries That Rely On Umbrella Insurance

Umbrella insurance is supplemental coverage that you can rely on during emergency situations. Sometimes accidents occur when you least expect it. Your assets could be at risk if you aren’t prepared. Perhaps you are hosting a party at your home where you’re serving alcohol. You serve your friend one too many drinks, and they get behind the wheel intoxicated and cause an accident. You may be responsible for the damages and potential injuries. Your assets are at risk if you don’t have enough coverage. Umbrella insurance steps in to protect you from losing everything. The policy adds another layer of protection once you have reached your liability limits.

If you are a Willoughby, OH restaurant owner, the potential of a liability dispute regarding alcohol is one reason why you should add umbrella insurance. Your business is open to the public, which leaves you exposed to multiple risks. Perhaps a customer visits your business and accidentally slips on a wet spot. Your business is liable for their injuries. Umbrella insurance can step in if they have suffered a serious injury beyond your liability limits. If you operate a landscaping business, umbrella insurance is also a valuable asset. Anything can go wrong while you are working on someone’s property. That’s why umbrella insurance is a good thing to have in your back pocket.

The Merhar Agency LLC Will Help You Cover Your Assets

Visit our website to learn more information about umbrella insurance.

Umbrella insurance policies help protect many businesses from severe liability issues. And we at The Merhar Agency LLC can help Willoughby, OH owners understand their coverage options and minimize their potential financial loss in an intense and long-term lawsuit situation.

How Umbrella Insurance Protects You 

Umbrella insurance policies are a form of additional liability that goes into effect when your standard business liability coverage is depleted. For example, if you get into an extensive lawsuit and your typical coverage cannot cover the whole cost of your case, you will have to pay out of pocket. 

And if the overall costs of your lawsuit are high enough, you might find yourself on the brink of bankruptcy. High-quality umbrella policies help you by covering these costs for you, giving you a better chance of staying solvent and minimizing the overall impact a lawsuit may have on your bottom line.

Common Risks It Covers 

Your umbrella insurance policy will cover a wide variety of different risk situations to protect you and your company from lawsuits. Just a few of these include:

• Severe injuries to older patients with heavy doctor bills 
• Product failures that affect many people 
• Recalls that may impact a broad range of buyers 
• Class action lawsuits that could bankrupt you 

By getting an excellent umbrella insurance policy, you protect yourself and your business from severe financial loss. Otherwise, you might end up having to close down in many circumstances.

Get a Policy Today 

So if you operate a business in Willoughby, OH, and want to minimize your potential lawsuit risks, please contact us at The Merhar Agency LLC right away to learn more. Our team of experts will do what they can to help transition you to a high-quality umbrella insurance policy ASAP.

In the Willoughby, OH area, having proper coverage for personal liability risk is critical. One great way to improve your coverage for liability risk is by getting an umbrella insurance plan. This is a unique form of insurance coverage that will provide protection on top of coverage you receive through home or auto policies. There are many scenarios in which someone may need to get a full umbrella insurance plan in Ohio.

When Wanting More Coverage

When someone wants to get an umbrella insurance plan, they want to get more coverage. Most people that have home or auto insurance plans will receive an ample amount of liability coverage. However, there will always be the risk that the actual damages in an accident exceed these policies. Fortunately, you can mitigate this risk by getting an umbrella insurance plan as it gives more coverage on top of the base insurance.

Peace of Mind

It would be best to consider getting an umbrella insurance plan as it offers you peace of mind. While there are many risks that you can plan for and insure against, there are others that are far more difficult to predict. When you have an umbrella insurance plan, you will get coverage for unexpected situations as well. This can provide anyone with comfort and peace of mind that they are ready for the unexpected. 

If you are going to get an umbrella insurance plan and are in the Willoughby, OH area, it would be wise to contact The Merhar Agency LLC. The insurance team with The Merhar Agency LLC understands the value that umbrella coverage can provide. They can then help you build a plan to mitigate your liability risk and provide peace of mind.