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Home > Umbrella Insurance

Umbrella Coverage


Umbrella Coverage Quote Forms

Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.

Secure Personal Umbrella Insurance Quote

Umbrella Coverage Information

Umbrella Insurance, Florida

More Crucial Than You Know

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What is Umbrella Insurance?

A lot of business owners have standard liability policies, but in cases where claims exceed your primary coverage, that might not be enough. Basically, in the event that your business gets sued, you don’t want that mess coming for you, your family, and your assets. 


Umbrella insurance acts as a final layer of defense between you and issues that spill over from your business into your personal landscape. Specifically, umbrella insurance provides an extra layer of financial protection beyond the limits of your standard liability policies, such as home, auto, and business insurance.


One surprising fact about business insurance is that it also covers incidents like false arrest, libel, and slander, which are definitely not included in your standard liability policies.

The People Who Protect Your Dreams

Pritchard’s & Associates has been protecting families, homeowners, and business owners for three generations. We understand that insurance is complicated at best. You have your own business to worry about. You have your own considerations. 


You don’t need to worry about the logistics of your insurance on top of that. That’s where we come in. The nature of umbrella insurance in Florida, just like any other type of policy, is subject to change at any time. 


Let us be the ones to worry about it, and you focus on what’s important now. We’ll cover you the rest of the way. 


Learn more about the team here.





 

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Business Owners Across Florida, Umbrella Insurance

While being a business owner in Florida has its perks, it also has its drawbacks. Like any place, this region has risks. And at the rate our communities are growing, we know that things won’t be slowing down for a while. 


No matter where you are or what your service area is, we serve all businesses across the great state of Florida. 


From retail shops to real estate investors, umbrella insurance is an essential tool for protecting against unforeseen lawsuits and liabilities. It complements your existing business insurance policies, ensuring comprehensive coverage that safeguards your enterprise.


Especially for consumer-facing businesses, we highly recommend talking to someone about an umbrella policy. 


When do you need umbrella insurance

It’s difficult to know when you need any type of policy. Understanding the right time for these things is a huge part of our work. Umbrella insurance is best in the following circumstances. 


    • Your assets or savings exceed your primary policy limits.
    • You own property or operate a business.
    • You host events or gatherings on your property.
    • You want additional protection from lawsuits, such as defamation or personal injury claims.

This policy often falls victim to being something our clients wish they had sooner, so our general recommendation is to talk to your agent when you notice yourself closing in on the above situations.


Why do you need this policy?

You know your business better than anyone, but we know this business best. Umbrella insurance is generally best suited for situations that live outside your usual commercial coverage, such as libel, slander, and other major accidents that involve different parties. 


The risk of not having umbrella insurance is simply just excessive personal financial loss when other commercial coverage is not enough. These policies are especially useful for people who 


    • Travel frequently
    • Own multiple vehicles 
    • Have pool, trampoline and other high-risk features 
    • Serve on committees or boards with high-impact decision abilities

Umbrella Insurance, Pros/Cons

While having umbrella insurance is helpful for extending coverage beyond usual parameters, and it is pretty affordable, we must mention that it does not cover your injuries or damages. It also requires an existing liability policy to act as a foundation.

How Does Umbrella Insurance Work?

Umbrella insurance kicks in when your underlying liability policy limits are reached. For instance, if you are responsible for a car accident with damages exceeding your auto insurance liability coverage, your umbrella policy covers the remaining costs up to its limit. It’s a seamless extension of your existing protection.


Umbrella policies are available in increments of $1 million, making it easy to scale coverage to your needs. They also work internationally, ensuring you’re protected while traveling.


Frequently Asked Questions About Umbrella Insurance

What is umbrella insurance?

Umbrella insurance is a supplemental liability policy that provides additional coverage beyond the limits of your primary insurance policies.


What is umbrella insurance coverage for real estate?

It offers protection for real estate owners against liabilities such as tenant injuries or property-related lawsuits that exceed standard policy limits.


How much umbrella insurance do you need?

The amount depends on your total assets, potential risks, and income. You insurance agent can help assess your specific needs.


What does umbrella insurance cover?

It covers claims like personal injury, property damage, and certain lawsuits, including libel and slander.


Should you get higher auto liability or umbrella insurance?

Umbrella insurance is often more cost-effective for extensive protection, but consult with an insurance professional to assess your situation.


Is age a factor in increased umbrella insurance premiums?

Age generally does not directly affect premiums; factors like assets, risks, and coverage amounts are more significant.


What types of litigation does umbrella insurance protect against?

It protects against lawsuits involving bodily injury, property damage, libel, slander, and false arrest.


Is umbrella insurance worth it?

Yes, if you want peace of mind and protection from significant financial losses.


How much is umbrella insurance in Florida?

Premiums typically range from $150 to $300 annually for $1 million in coverage, depending on your risks and existing policies.


How is umbrella insurance estimated?

It is estimated based on factors like the number of properties, vehicles, and potential risks involved.


What is umbrella coverage for commercial insurance?

It extends liability coverage for businesses, protecting against lawsuits that exceed standard commercial policy limits.




 

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1802 S Parrot Ave
Okeechobee, FL 34974
P: 863-763-7711
F: 863-763-5629

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