Umbrella Liability Insurance
Umbrella liability insurance in Ontario is not mandatory, but it’s still a good thing to have! Whether you own property or have comprehensive auto insurance already, additional liability coverage never hurts. It’s especially good to have if you or your family engage in any high-risk activities that could result in lawsuits.
For example, if you have a swimming pool on your property, or you have a teenager that drives your vehicle. Property damage, accidents, and bodily injury can happen at a moment’s notice. You want to have a good legal defense without paying ridiculously high legal expenses – this is where solid umbrella policies come in handy.
What is an Umbrella Policy?
An umbrella policy is different from home insurance, auto insurance, and other insurance products. It’s not tied to a specific item or piece of property. Umbrella policies cover you and your family and act as an “umbrella” over everything you own and wherever you go.
How it Works
A standard umbrella insurance policy covers homeowners, cars, renters, and often even watercraft policies. But, you can always add to it and purchase additional coverage if you want. It all depends on your assets and your lifestyle. What it does is it effectively offers an extra layer of insurance to cover whatever liability insurance you may already have as part of other standard packages. It’s insurance that kicks in after you’ve exhausted your other liability limits – if it comes to that.
How Much Do I Need?
If you’re considering going above and beyond the basic umbrella liability insurance policies, how much you need greatly depends on your home, lifestyle, business, and many other factors. Personal things like swimming pools and young drivers are one thing, but operating a business within your home, for example, is a whole other level. Running a business from your home has many legal implications and there is a greater risk of customers and employees becoming injured or even having their own property damaged. In many cases, you can be held responsible. Even if you’re deemed not responsible, there still may be legal expenses you’ll have to cover.
Hosting Large Parties
Another thing to consider is if you enjoy hosting large parties or entertaining frequently in any way. While it’s not a business setting, this still means people are in and out of your house and on your property frequently. You shouldn’t shy away from hosting your friends, family, and others, though. Gatherings are fun and socializing is part of our nature – but having the protection of a personal umbrella policy will simply add the finishing touch – total peace of mind.
Get Covered Today
Deciding on an umbrella insurance policy that works for you can be tricky – and maybe you don’t even know if you actually need one!
That’s why we’re here. At Buckler Insurance, we’ll help you navigate this situation and find the perfect policies for you and your family.
Don’t let the fear of certain lawsuits or unexpected accidents hold you back. Get in touch today and we’ll help you find the peace of mind you’re after so you can live your life to the fullest.
