5 Situations Where You Need a Personal Liability Umbrella Policy

Looking for an inexpensive coverage option to protect you in a variety of situations? A personal liability umbrella policy will stack on top of your existing homeowner’s insurance, offering coverage wherever you need it — at a very reasonable rate.

Not sure if you need it? Here are 4 situations where you might…

1. You Have A Pet

We all love our pets. None of us want to imagine our dog hurting a stranger, yet it happens… If your dog bites a child or simply scares the mailman, causing them to slip and fall, you may need liability coverage to pay for medical bills. An umbrella policy can provide the financial coverage that you require for this situation.

If you have a medium or large dog, particularly breeds that tend to be aggressive, this umbrella insurance policy is a great option.

2. You Own a Pool or Cottage

One of the biggest causes of liability claims are accidents on a person’s property. The worst of these tend to occur around water. The watery surface of a pool deck or dock can easily cause slips and falls, resulting in head bumps, concussions, or even drowning — if unsupervised. While your homeowner’s policy will provide some liability coverage, it may not be enough to compensate a visitor for a serious injury.

Consider what potential risks exist on your property. If you own a backyard pool or a cottage, these are prime contenders. Look for stairways, loft beds with ladder access, and other places where an accident could occur. Think about who is using your property on a regular basis and protect yourself accordingly.

3. You Own Multiple Vehicles

Personal liability umbrella policies can be extremely valuable in bad car accidents. For example, let’s say you’re the ‘at fault’ driver in a car crash and the other person has been badly injured. They have a high-paying job, which they won’t be able to do it for several months, and they are suing you for compensation.

The liability on your automobile policy might pay for part of it, but the claim is likely to exceed your coverage. This is the type of situation where your umbrella policy becomes a huge asset. If you own multiple vehicles — for example, a motorcycle or a powerboat, as well as several cars — then the umbrella policy will work for all of them.

4. You Are a Frequent Traveller

One of the biggest benefits of the personal liability umbrella policy is that it follows you worldwide. We don’t want to think about insurance when we go travelling, yet some of the worst horror stories come from people who’ve gone abroad. Thankfully, with this coverage in your back pocket, you won’t have to dwell on the risks of travel anymore.

5. You Sit on a Not-for-Profit Board

If you sit on the board of a not-for-profit organization, a personal liability umbrella policy can be useful as well. This policy provides coverage for slander and libel claims. We all say or write things that others take issue with, from time to time. Sometimes you can get sued over this, particularly if you’re in a public position like the board of a prominent organization in your community.

Does one of these situations apply to you? Contact the Ostic Group in Ontario to get a personal liability umbrella policy today!