What is an umbrella policy?

An umbrella policy is a type of insurance policy designed to provide coverage for a variety of different types of losses. This type of policy is especially important for individuals and businesses in the state of Ohio due to the legal system’s emphasis on personal responsibility for damages and losses. It is essentially a form of extra insurance protection that covers what is not covered by other policies. An umbrella policy can offer protection from damages resulting from any number of potential events, such as auto accidents, slip and falls, medical injuries, libel and slander, and legal costs associated with a lawsuit. Policies are often quite broad and can provide coverage for such occurrences all over the world, not just in Ohio. Because of the broad scope of coverage, umbrella policies often have very high limits of coverage. This means they will pay out for all types of damages and losses up to the policy’s limit. Additionally, umbrella policies provide lower deductibles, making them an attractive option for those who expect to face significant legal costs. For individuals and businesses in Ohio, an umbrella policy can provide an extra layer of protection in case the worst happens. It is important to discuss an umbrella policy with an insurance agent to find the best option for your specific situation.

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What is an umbrella policy?

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