Excess Liability Insurance

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What Excess Liability Insurance Is All About?

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Like anyone who has worked hard to secure financial security for their futures, we want to ensure we cover all our bases. As unforeseen circumstances can interrupt the stability of our lives, it is important to protect ourselves against unpredictability and liability insurance enables us to do just that.

Excess liability insurance protects you and your livelihood against unwanted outcomes. Anything can happen in life. As a result, you could find yourself in a car accident and having caused bodily harm to another. In doing so, you want make sure that your assets are protected and that you don’t find yourself liable for claims that regular insurance does not cover.

Read on to understand if Excess Liability Insurance is right for you.

What Is Excess Liability Insurance?

Excess Liability Insurance is a type of insurance that extends beyond regular insurance policies. These regular insurance policies can include homeowner’s and auto insurance. While homeowner’s and auto insurance may cover basic liability, they do not protect against excess liability. By investing in excess liability insurance, you are investing in your financial future.

Do I Need Excess Liability Insurance?

Depending on the level of security you feel necessary for protecting your assets, excess liability insurance may be for you. For many, basic coverage may feel adequate enough to protect their homes and vehicles. However, for many of us who have worked hard for what we have, considering protecting ourselves against unwanted outcomes and the overall unpredictability of life may be an important step forward.

Sometimes, we may find ourselves in less than ideal circumstances in which we need to exchange assets for money that will fund claims not covered by basic insurance. These claims vary greatly but can include anything from getting into an accident and causing bodily injury to another individual or being sued for defamation. Whatever the unwanted outcome, the costs can be devastating if you do not have adequate protection. Ultimately, it comes down to your personal level of comfort and management of risk.

This insurance will come in handy if:

  • You require extra protection for your business against unwanted outcomes and the unpredictability of life
  • You want to ensure your business assets are protected for now and for the future
  • You want coverage that extends beyond basic insurance policies
  • You want protection for your business that extends beyond against the many forms of liability not included in basic coverage

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What Does Excess Liability Insurance Cover?

At a High Level…

Excess Liability Insurances provides individuals and business owners with the insurance that extends beyond basic coverage to excess coverage. As a result, your assets are protected for both now and the future against unwanted outcomes and the unpredictability of life.

Getting Into the Details…

While every excess liability insurance policy is different and varies depending on the specific coverage that you need, each includes extra protection to help you rest easy. There are several types of excess protections you can choose depending on the type of coverage you need such as:

Worldwide Coverage Protection for property that is lost, stolen or damaged. You are abroad and your camera is lost, stolen or damaged, you will be insured to have it replaced or fixed.
Personal Injury Coverage Protection against injury to your person including defamation, invasion of privacy and bodily injury. If you are hurt, you are covered for the costs associated with excess medical and surgical treatment.
Employers’ Liability Protection against bodily injury to employees. If your employee hurts themselves in the workplace, you are covered for the costs associated with their excess medical and surgical treatment.

You'll Know It's the Right Policy If...

  • If you have worked hard to obtain your assets and want them protected
  • If you understand life can be unpredictable and want protection against unwanted outcomes
  • If you want to protect your financial future
  • If you want to protect the financial future of your family
  • If you want to protect the financial future of your business
  • If your basic coverage is not enough to ensure your assets are protected

What Does Excess Liability Insurance Not Cover?

  • If your policy covers an amount less than the total value of your assets, the remaining amount will not be covered.

What Are the Limits on an Excess Liability Insurance Policy?

An excess liability insurance policy covers anything more than your primary insurance policies upwards of a certain amount. If your policy provides coverage upwards of $1 million, then this will be the limit. Therefore, it is important to consider how much your assets are worth and to choose a policy that protects that total amount. In doing so, the limit of your policy is merely the total value of your assets. If you choose a policy that does not cover the full value, then you will be protected upwards of a given amount.

How Much Does Excess Liability Insurance Cost?

The costs associated with excess liability insurance vary in accordance with the specific policy you have chosen. Each policy is created based on your specific needs. Your needs will differ based on whether they are for you as an individual, your family or your business. You may want to protect the assets of one of these or more. Additionally, this insurance can often act as an add-on to your existing basic coverage. Therefore, the costs will differ based on the primary policy you have in place.

Overall, the cost will be contingent upon the type of the insurance policy you choose and how much protection it affords. If for example, you choose a policy that protects you in excess of $1 million for your personal assets, you may find yourself paying a small percentage of that amount in the form of a premium. If the policy covers not only yourself but also your business, this premium will likely be higher. Therefore, the cost of an excess liability insurance policy can greatly vary depending on what you are covering and to what extent.

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