A piggie bank protected with umbrella liability coverage
Property Casualty

Making Sure You CYA with Insurance

Kylee Heusi
Kylee Heusi
Assistant Vice President, Placement Consultant

Were you a little unsure of that title? It’s OK…I promise. I’m using CYA just a tad different than normal. What I’m talking about is “Covering Your Assets.”

As you may know, our Holmes Murphy mission statement is: “We make a difference by promoting health, protecting wealth, and delivering peace of mind!” And these aren’t “just” words to us…we’re passionate about this statement and live by it daily.

How? Well, I’ll show you by tying it directly into an insurance coverage.

Umbrella Liability Coverage

One of the most important coverages to “protect wealth” and “deliver peace of mind” is Umbrella Liability coverage. The intention of Umbrella Liability coverage is to protect against unforeseen catastrophic liability loss. This kind of loss can have an immense impact on a company’s operations and assets. Umbrella Liability provides additional limits over a company’s primary liability coverages on what is typically a single insurance policy. These policies are also customarily more cost effective than purchasing higher limits on your primary liability policies.

If you’re looking at purchasing Umbrella Liability coverage, I’m guessing one question you have is, “How much additional limit should I purchase?”

This is definitely one of the most common questions we get, and it’s a great one. But, to be completely honest, choosing the appropriate limit for a company is at times difficult to answer. Unfortunately, there isn’t a simple way to answer this question as each company has different exposures and circumstances surrounding the operations.

The good news is there are tools and analyses that can be done to help ensure you get what you need.

For starters, you need to consider some key exposures and variables, such as the:

  • Size of your company
  • Type of operations your company is involved in
  • Number of vehicles in your fleet
  • Assets you’re looking to protect the most
  • Litigious environment of the states you operate in
  • Contractual obligations

We understand it takes the right insurance professional to review all the variables with you and analyze industry benchmarks available to make an educated decision. You shouldn’t be left to do this on your own.

That’s where we come in. Much like our tagline, we’re always “Thinking Ahead” for you. With our consultative industry experts, we take the time to review all your exposures and provide the tools to help select the right limit. We have our proprietary Understanding ART Risk Management Model that can help us provide industry benchmarks to select the right limit for you. With our expert staff and proprietary benchmarking tools, we can “protect your wealth” and “deliver peace of mind” knowing your company is properly protected. And when it comes down to it, we just want to make sure you’re covering your assets in the best way possible.

Now, some questions for you! Do you have Umbrella Liability coverage? If so, do you have questions about it? If not, are there concerns about it we can address for you? What’s working for you and what isn’t? Reach out to us by either commenting below or contacting us directly!

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