General or excess liability insurance is coverage that protects your assets and any future income beyond a standard coverage limit. If you have substantial assets and have a higher income, this is coverage you should consider purchasing. You can be sued at any time for third party damages, for example, if someone slipped on the floor of your business or fell down the stairs at your home, you could be sued to pay for medical bills incurred or if you caused damage to a vehicle. luxury and only have standard insurance coverage, you would have to pay the difference out of pocket, which can be very expensive. The richer you are, the more likely you are to be the target of third-party lawsuits.

Professionals and business people who work with the public often purchase multiple insurance coverages, including umbrella insurance coverage. Companies do not offer the same rates for all umbrella insurance coverages, however, there are a few things to consider when shopping for one. Get referrals from friends and family, they will be more honest in giving you the best information about the coverage they have purchased and their claim experience. Ask about the cost and the likelihood of hidden fees, this is not uncommon for some companies. Get a list and value of your assets as this will be used for listing. Request quotes from several companies and make a comparative study. Get a clear understanding of the policy, you can involve a lawyer to clarify any ambiguous clauses.

When you meet with the sales agent, you should expect a lot of questions about your finances and also about your claims experience, if any. Similarly, you should also ask questions about the company. Learn about the age and history of the company; a very young company may not be in a position to settle complex liabilities; however, don’t rule out startups entirely, just look for stability. If the company has a large general insurance customer base, it is a good sign of good performance and credibility. Find out if they buy any kind of reinsurance, this acts as a cushion in case of costly claims, or in the event of a natural disaster, which could result in massive claims. It is also important to find out if the settlement of the claim is made in full or if for some reason they retain any of the funds. After all, you want peace in your time of need.