What is Umbrella Insurance?

Imagine being caught in the rain while wearing a raincoat. In a normal, run-of-the-mill shower, your raincoat is almost certainly sufficient protection. However, when a storm blows in unexpectedly, you need the extra protection afforded by an umbrella to ward off the rain. Thats the difference between a normal, run-of-the-mill insurance policy and an umbrella policy. One protects you from everyday problems, while the other waits in the wings for the major, unexpected problems. If youre in the hospitality or real estate business, umbrella coverage in New York could save you millions of dollars.

Umbrella insurance provides liability coverage for businesses with a higher propensity for law suits. Most umbrella policies offer lawsuit coverage of $1,000,000 or more, cover defense costs and provide liability for suits that arent covered under the basic policy. If you own apartments, condominiums or Coops, this type of policy is vital in the case of accidents, injuries and property damage that could lead to a law suit. Any businesses that serve the public, such as shopping centers, retail stores and hotels are liable to injuries that occur on their property, as are owners of warehouses, office buildings and industrial buildings. Umbrella coverage in New York provides extra risk protection that is essential for your business.