Lawsuits cost Americans $833 billion each year. Umbrella insurance provides extra liability coverage to protect your West Virginia home, business and lifestyle from the cost of an unexpected legal claim against you. You can get quotes on affordable umbrella insurance from a qualified, local agent and feel confident that you have sufficient coverage against lawsuits.
Even the most careful drivers, homeowners and business owners can make mistakes. If you accidentally, even indirectly, cause injury or property damage, you could be financially responsible for medical payments, repairs, court fees and your legal defense. The liability insurance provided by auto and homeowners policies is sometimes insufficient to cover a suit, which means your assets and future earnings must cover the rest. Umbrella insurance raises your liability coverage limits and expands the scope of your coverage so you can live without worrying about an unexpected claim against you.
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A Breakdown of Personal Injury Suits
- Auto accidents: 52% of all personal injury suits
- Medical malpractice: 15%
- Product liability: 5%
- Other (premises, libel, E&O, etc.): 28%
Only about 4 percent of all personal injury cases end going to trial. Lawyers settle the other 96 percent out of court. If you do not have liability coverage for the claim against you, you must pay the cost of your own legal defense at $80 to $200 per hour, as well as any fees or settlement amounts for which you are responsible. These are the median awards for damages, by type of suit:
- Product liability: $728,000
- Medical malpractice: $679,000
- Premises liability: $90,000
- Auto accidents: $16,000
- Overall: $31,000
When you add any of these amounts to $5,000, $50,000 and more for your legal defense, you may find that the liability limits of your insurance policies are insufficient to protect your resources.
Protect Your West Virginia Home
Many choose to live and retire in West Virginia because of business-friendly laws, quiet lifestyle, mountainous scenery and the best skiing on the Eastern Seaboard. If you have built a life and a home in this beautiful state, you have important investments to protect such as your house, retirement accounts, savings and assets.
If you are held responsible for an accident on your property, say, when a delivery man slips on your icy front steps, you could be legally required to pay damages and court fees, even beyond your current means. When you face a lawsuit that's covered under your homeowners liability insurance, you'll have a certain dollar amount (your liability limit) that the insurance company can use to pay for the settlement or the court proceedings. Anything more than your liability limit, whether that's lawyer's fees, filing fees, or the cost of the judgment/settlement, is your responsibility out of pocket.
Umbrella insurance works to extend and expand the existing liability coverage from your homeowners and auto insurance policies to protect you, your home, future earnings and assets if someone sues you. This extra insurance raises your coverage limits and covers the types of claims that homeowners liability cannot cover such as false arrest, certain types of dog bites, libel and slander.
Protect Your West Virginia Business
Forbes Magazine named Morgantown, WV, the number 10 best town to do business in 2010. Many globally recognized chemical manufacturers make their homes here in West Virginia, as well as biotech firms, research and technology firms, and automotive and manufacturing businesses. Tourism makes up a large part of the state economy as well, which gives rise to thousands of small businesses delivering hospitality and good food.
Small businesses are especially vulnerable to the financial effects of a major legal claim. If you are a business owner, you probably shop for quotes on liability coverage before you purchase commercial insurance. You may need professional liability, malpractice insurance, errors and omissions coverage and products liability insurance, as well as general business owners liability coverage.
Statistically speaking, businesses are far more likely than individuals to face a lawsuit. Businesses are also much more likely to face claims that exceed the $100,000 mark and reach the millions. If you face a claim against your business that exceeds your current liability limits, you may find that your company is unable to recover.
Umbrella insurance gives business owners extra liability coverage in the millions, for a very reasonable annual premium. A local agent can help you review your current commercial insurance and can show you quotes on umbrella coverage to keep your business safe from a potentially devastating claim. Independent agents write more business policies than any brand of insurance because they can offer customized coverage from many providers at the best possible price.
Who Needs Umbrella Insurance Quotes?
It may be time for you to start shopping for umbrella insurance quotes if any of the following applies to you:
- You have a home, savings, investments or lifestyle you would like to protect.
- You practice a service-oriented profession such as physical therapy or cosmetology, which could potentially lead to a client's injury.
- You offer financial or legal advice to others, which could cause them financial or emotional loss.
- You own a business that entertains or serves customers on the premises.
- You keep an uninsurable breed of dog or you allow others to hunt, ride ATVs or engage in other risky activities on your property.
- You are currently in engineering, medical or law school and you have high potential for future earnings.
- You would like to expand your current malpractice or other professional liability insurance.
How Much Does Umbrella Insurance Cost?
A local agent in West Virginia is the best source of information for umbrella insurance quotes specific to your needs. But most umbrella policies start at around $150 to $100 per year, for $1 million in extra liability. Umbrella insurance offers more value at higher coverage amounts. Often, you can get millions more in liability coverage for a very small increase in premium. It's a good idea to look at the deductible amounts on both your umbrella policy and your other liability coverage and to make sure you can afford to cover your share of the payment.
Where to Find Umbrella Insurance in WV
Every individual and every company has different concerns and coverage needs. The best way to find tailored quotes for the right policy is to contact a local, independent agent in the Trusted Choice® network. Trusted Choice agents work with many insurance companies to find the umbrella insurance you need at the best possible price.
You can find an agent here in West Virginia who knows the local economy and state laws. Contact an independent agent near you to get extra liability insurance and peace of mind.