Category: Umbrella Insurance

Umbrella Insurance: Essential Coverage for Seniors

Umbrella insurance proves invaluable for a broad spectrum of individuals; however, its protection is especially significant for seniors. It serves to safeguard the assets they’ve accumulated over a lifetime. Like other homeowners and drivers, seniors also face the risk of accidents that may culminate in liabilities surpassing the limits of their home and auto insurance policies. However, seniors tend to be more vulnerable than others in such situations. Regardless of your age, if you reside in or near Uniontown, OH, we invite you to discuss the benefits of umbrella insurance with the team at Bonvenuto Financial Group LLC.

The Importance of Umbrella Insurance for Seniors

Generally, when people are liable for auto accidents or incidents occurring on their property, their auto or home insurance policies adequately cover the resulting liabilities. However, in a few instances, accidents can lead to life-long disabilities or severe damage, resulting in liabilities significantly higher than the limits of standard policies. In such cases, the excess expenses need to be paid out of pocket, endangering savings, homes, or other assets. This issue is particularly problematic for seniors who are usually past their peak earning years.

Umbrella insurance offers a valuable solution by extending coverage beyond standard policies to cater to these additional liabilities. Given that umbrella insurance is not often utilized, it tends to be relatively economical while providing peace of mind from knowing your assets are duly protected.

Navigating Your Insurance Needs with Bonvenuto Financial Group LLC

In at-fault accidents, seniors are often most at risk, making appropriate protection a necessity. Serving the Uniontown, OH community, Bonvenuto Financial Group LLC is committed to helping you secure the best coverage. Give us aCall us (330) 699-9925 to discuss your umbrella insurance needs or any other insurance queries you may have.

Most people know very little about umbrella insurance because they have not used it before. It offers wide protections, and the policy maximums may seem too big for a small business. When you purchase an umbrella policy for your Uniontown, OH small business, Bonvenuto Financial Group LLC will commonly offer protection for a minimum of $1 million.

Small Business & Umbrella Insurance

Some small businesses don’t have much in the way of assets yet. That $1 million amount is far more than the business expects to make in the first year or even in the first 5 years. However, you may want to think about how an umbrella policy could be the key to giving your new business the freedom to grow.

If someone is injured on your business property or because of one of your products or services, they will probably file a claim against your company. Your insurance company may have to pay out on the claim up to your policy limits. However, your protection ends as soon as you hit that maximum.

So say your maximum coverage is $100,000 for personal injuries, and several people get injured in one accident; Even though you didn’t mean to do anything wrong, you are suddenly responsible for all of those medical bills, medications, physical therapy, time off from work, and even legal fees. If you have an umbrella policy, it will kick in as soon as your regular insurance maxes out. 

We Are Here To Help

If you have a good advisor, you have already separated your personal finances from your business. But without an umbrella policy, one accident could wipe out your entire business. If you want to add extra protection to your Uniontown, OH small business, call Bonvenuto Financial Group LLC today.