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How Umbrella Insurance Adds to Your Liability Protection

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If you’re the owner of a home and vehicle, you likely already have the right types of insurance coverage to protect them. When you have home and auto insurance, you can add to their liability by getting an umbrella insurance policy. This is important for protecting yourself against the high costs of accidents resulting in injuries and property damage. When you need umbrella insurance, give us a call at Craig Insurance Group in Raleigh, NC.

Understanding Home, Auto, and Umbrella Insurance

There are different kinds of coverage in each home and auto policy, including liability coverage. A home insurance policy has this in case someone has an accident in your home. Auto insurance has it in case of expenses after an accident. When you have umbrella insurance, it adds more liability coverage to both of these policies. You can have more liability for both at the same time for less than you’d pay to add more to each directly.

How Umbrella Insurance Works

Once there has been an accident, a few things will happen. The home policy or auto policy comes in first to assess the damages and pay for the resulting bills. However, these policies can only pay up to their maximum coverage amounts. It’s common for home and auto policies not to have enough liability coverage. When this happens, you would have to pay what’s left over after they have reached their maximums. That’s where umbrella insurance comes in. It will pay for the bills that are left over, so you don’t have to come up with what could be an enormous amount of money.

Secure Your Umbrella Insurance with Craig Insurance Group

If you need more liability coverage, contact Craig Insurance Group in Raleigh, NC, to start a policy.

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Are Raleigh Business Owners Required to Purchase Flood Insurance?

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State law doesn’t require Raleigh, NC business owners to purchase flood insurance. However, if you took out a loan to buy a commercial property, your lender will require that you carry this type of insurance. This is especially true if your business is in a part of the city that has a moderate to high flood risk. Raleigh is prone to flooding when heavy rains cause creeks and riverbanks to overflow their banks, and regular home and business insurance won’t cover flood-related loss or damage.

What’s Covered by a Commercial Flood Insurance Policy?

Commercial flood insurance covers damage to your business structure. This includes the roof, walls, foundation, plumbing, electrical wiring, and large appliances. Commercial flood insurance also covers your business equipment, inventory, furniture, and other assets stored on the premises. Additionally, it can cover the cost of cleaning your business after a flood and even provide compensation for upgrades you make to prevent future flooding. However, it doesn’t cover commercial vehicles or business assets stored on your premises. It also won’t cover the loss of important papers.

Commercial flood insurance also covers home-based entrepreneurs who store business assets inside their homes. A residential flood insurance policy will compensate for damage to the house and appliances, but it won’t cover business assets or inventory in the house. If these items are valuable and difficult to replace, you may want to consider purchasing a residential and commercial flood insurance policy.

Call Craig Insurance Group for More Information

Craig Insurance Group specializes in helping Raleigh, NC, business owners from a wide range of industries find commercial flood insurance that meets their needs and budget. Call us to learn more about your policy options or to get a quote on a specific policy.

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