What is the value of having an umbrella insurance plan in Spokane?

If you live in the Spokane, WA area, it is vital that you properly assess all of your personal insurance needs. One type of risk that you will want to make sure is covered by insurance is your risk of liability. One way to reduce this risk is by getting a full umbrella insurance plan. There are various reasons why you should consider getting this type of insurance coverage here. 

Reduce Risks of Major Liability Claim

You will want to have an umbrella insurance plan in this part of Washington to reduce the risks of a major liability claim. You are bound to have some liability coverage in your home or auto insurance policies. However, those policies have coverage limits, and a significant claim could exceed your coverage. An umbrella insurance plan will provide additional support on top of those plans. 

Coverage for More Risks

An umbrella insurance plan is also a good option as it can provide additional coverage for more risks. Various liability risks are not covered by a home or auto plan. If you do not have an umbrella insurance plan, you will not have coverage for those risks. Fortunately, umbrella coverage is broad and covers most situations that could result in a liability claim.

If you want an umbrella insurance plan and are in the Spokane, WA area, it would be helpful to call the team with Western Insurance Associates. There are a lot of important choices to make when looking for insurance here, and Western Insurance Associates will offer any support you need to select your following policy. This can help ensure you have appropriate coverage at all times. 

Is Umbrella Insurance for the Super-rich Only?

Your typical liability coverage covers you when accused of causing bodily injury or property damage to someone else. For instance, if your dog bites someone or you crash into someone else’s gate, your conventional liability coverage should cover this. Unfortunately, your car or home liability insurance can only cover you up to a certain limit. Beyond there, you have to go back to your pocket.

Luckily, if you have invested in umbrella insurance from Western Insurance Associates, it covers you when the limit of your underlying liability coverage is exhausted. But is umbrella insurance for those who have amassed wealth only? If you are curious to find out the answer, keep reading.

Is umbrella insurance for the rich and famous only?

The truth is that if you are super-wealthy, you need umbrella insurance to protect your assets. For instance, if you cause an accident, and someone notices you are famous, they may be motivated to sue to get financial compensation.

While high-net-worth individuals need umbrella insurance, it doesn’t mean you shouldn’t purchase this coverage. America is a highly litigious country, and everyone is at risk of a lawsuit. You may not be super-rich, but because you are a board member of a charity organization, you can be sued. In the US, you can be sued even for the flimsiest reasons, and that is why you need umbrella insurance on your side.

Who needs umbrella insurance the most?

The rule of thumb is that if you earn a livelihood, invest in umbrella insurance. But since some people are at more risk of being sued, umbrella insurance becomes a must-have policy ASAP. You need umbrella insurance today if you:

  • Own a business
  • Own a dangerous pet
  • Participate in high-risk activities like arching
  • Own a rental property, home, or vehicle

Need umbrella insurance in Spokane, WA? Please contact Western Insurance Associates for a policy that meets your needs.


Commercial Umbrella Insurance vs. Excess Liability Insurance

You may have heard the terms commercial umbrella insurance and excess liability insurance used synonymously. However, they do not refer to the same type of policy.

Understanding the Differences

While they may sound like similar products, it is important to understand the difference between excess liability insurance and commercial umbrella insurance. Excess liability insurance is designed to activate when a general liability insurance policy has reached its limit and only provides additional coverage for that particular policy. Commercial umbrella insurance activates when one of several liability insurance policies reaches its limit.

You may get a broader range of liability coverage with a commercial umbrella insurance policy for incidents that are not covered by your underlying insurance policies. It is crucial to take the time to read over your policy. The agents at Western Insurance Associates of Spokane, WA will work with you to make sure you understand what is covered and what is not covered by the policy that you choose.

When Do You Need Commercial Umbrella Insurance?

You can apply commercial umbrella insurance to general liability, employer’s liability, or commercial auto insurance policies. These are some of the most important policies that you can purchase to protect your business from unexpected financial loss. When you include additional coverage that kicks in once these policies have reached their limit, you reduce the risk of your business going bankrupt.

Excess liability insurance and commercial umbrella insurance are both created to offer an additional layer of protection that goes further than a primary insurance policy. If you are interested in an umbrella insurance policy or think an excess liability insurance policy is right for your small business, contact Western Insurance Associates of Spokane, WA for more information.

The differences between commercial umbrella insurance and excess liability insurance are not always clear. Give us a call today and we will review the details with you.

Does Washington Require Umbrella Insurance?

The world of insurance is complicated, and many policy types can feel ominous. Umbrella insurance is one of the most overlooked forms of insurance coverage, but it may be one of the most helpful if you are involved in a legal battle.

Umbrella insurance is one of those policy types you may not completely understand. If you live in Spokane, WA, Western Insurance Associates may be able to help you through the challenges of learning about umbrella policies.

Umbrella Insurance Provides Liability Protection

Many people choose umbrella insurance policies because they provide more liability protection. If you have assets that could be at risk if you were held responsible for causing injury or damage, you might consider one of these policies. If you are exposed to a potential lawsuit, this policy provides protection for your assets.

Washington Does Not Require Umbrella Insurance

In the state of Washington, you are not required to carry this extra liability insurance. While it may not be a requirement, you should consider getting a policy if you own a home, have guests over at your home often, or live in a multi-family building. You might consider this coverage if you have a new or young driver on your auto insurance policy or if you own a pet.

You might also consider adding this coverage to your policy if you partake in risky activities or hobbies, including skiing or snowboarding.

Choose a Policy That Protects You

Umbrella insurance protects your assets, including the property you own and the money you have worked hard to save. Western Insurance Associates, which serves Spokane, WA, can help you choose a policy to meet your needs.

Do I Really Need Umbrella Insurance?

Lawsuits can be a pain. Even when you are on the right side of justice, a bogus lawsuit can waste your time, and even worse, be ruled against your favor. While the American justice system gives you a fair trial, it’s the civil litigious nature that has a vague reputation. 

With lawsuits raining in the country, you need protection when cases are ruled against you. While you may have a boat, home, or auto liability coverages, they may not help when you face substantial liability claims. And folks, that’s where umbrella insurance comes into play. Still not convinced that you need umbrella insurance? Hang on as Western Insurance Associates of Spokane, WA, shares more insights. 

What does umbrella insurance cover?

Umbrella insurance is the safety net that saves the day when you are faced with claims exceeding your current insurance plans. Typically, umbrella insurance protects you against the below. 

  • Bodily injury claims: Protects you when you sustain injuries to third parties. For instance, if you cause significant bodily injury to the other motorist in a vehicular accident, you are at fault, umbrella insurance takes over when your auto insurance liability coverage runs out.
  • Property damage: It covers physical damage caused to other people’s property.
  • Personal liability: The beauty of umbrella insurance is that it covers you against personal liabilities like libel, slander, and false arrest that aren’t covered by typical liability coverages. 

Generally, umbrella insurance covers damages and injuries to other parties and not you or your property. 

Who needs umbrella insurance?

Anyone with anything of value needs umbrella insurance since we can all be sued. However, if you are in the below categories, you need umbrella insurance ASAP since the chances of being sued are high. You need umbrella insurance if you:

  • Own a home, boat, or vehicle
  • Own dangerous pets
  • Coach youth sports 
  • Own a business
  • Participate in risky hobbies that can hurt others
  • Are a parent

Are you looking for extra liability protection in Spokane, WA? Please contact Western Insurance Associates for an affordable umbrella insurance quote. 

How umbrella insurance can help protect your WA business

Do you own or manage a business in the greater Spokane, WA area? The team at Western Insurance Associates is proud to work with our business community and share our knowledge of commercial insurance options. As a business grows, its insurance needs can also grow. They can also become more complex, and adding an umbrella policy to existing coverage can create an insurance portfolio with robust coverage. Umbrella insurance is key when primary policies are exhausted due to major covered events. 

Understanding commercial policy limits and how umbrella insurance can cover those gaps

It is typical for commercial policies to have upper limits to their payouts. This means that once the limit is reached, any financial obligation due to an excessive loss is the responsibility of the policyholder. That’s where umbrella coverage comes into play. Once your primary liability protection is reached, the umbrella policy works as a stopgap. It will provide the needed additional coverage up to its limits. This type of protection can be pivotal to a thriving business.

Liability claims and excessive lawsuits can quickly extinguish the protection provided by a primary policy. Because of this, many businesses rely on their umbrella coverage as a way to protect their assets. Experienced, registered agents are able to provide in-depth information about the benefits and limitations of such policies. It is important for business owners to understand their current insurance policy and recognize any limitations therein. 

Find out more about how an umbrella policy can help protect your company

Western Insurance Associates is proud to serve the business community located in the greater Spokane, WA area. Now is a perfect time to meet with one of our knowledgeable agents to find out more. Contact our office today to schedule your consultation.

What is umbrella insurance and why should I have it

If you are looking for a locally owned and operated independent insurance agency in Spokane, WA,  Western Insurance Associates fits the bill. Our company has been through many changes since it began in 1939 as Fairfield Waverly Insurance. We have changed with the times and today we have an experienced team that is dedicated to helping our customers find the right coverage for all their insurance needs. Umbrella is just one of the types of insurance we are happy to discuss with you. 

Umbrella insurance is often misunderstood. What is it and what it can do for you is not at all mysterious. Umbrella insurance is a type of excess liability insurance. It is not a policy that you buy unless you already own a policy that has liability coverage such as home or auto insurance. You don’t have to be a homeowner, however, to benefit from its coverage. It can be added to a renter or boat policy as well. 

Liability insurance is one of the most important types of insurance that you have. It protects you from legal action that may happen as a result of an accident that you or a family member is involved in. Medical bills for injuries can be very high. When these are combined with legal action against you, they can be devastating to your finances. Many things can result in a suit against you, from a car accident to someone injured while swimming in your pool. You may find out the hard way that the liability limit on your home or auto insurance is inadequate. 

Umbrella insurance usually adds between one and ten million dollars to your liability protection. If you live in or near Spokane, WA, Western Insurance Associates would love to sit down with you and discuss why umbrella insurance is something you need to have.

Determining How Much Umbrella Insurance You Need

Umbrella coverage may not be required in Spokane, WA, but it’s recommended if you have assets. Policies are sold in $1 million increments, and the more assets you have, the more coverage you want. 

Look At Your Risk

A car accident can be a common scenario, which results in a significant judgment and would trigger the need for umbrella insurance. Your risk will be higher the more you drive and if you have elderly or teen drivers. Other things in your life can also increase your risk. For example, if you have a condo, then you could be held responsible if you damage other units. You are more at risk if you have a swimming pool, trampoline, boat, RV, or dog. You could be more likely to get sued if you serve on your homeowner’s association board or are active on social media. If you have several responsibilities, then you could be at a higher risk, which means you need more coverage. 

Look At Your Assets

The typical $1 million policy is usually enough for most people. However, if you have more assets, an agent at Western Insurance Associates may be able to help you determine how much more you need. A simple way to get an estimate of your net worth is to add up your belongings, which means your properties, house, retirement, bank accounts, and any investments you have and then subtract your liabilities or debts you currently have. Also, keep in mind your current income, as well as your expected future income. As your income grows and you get more net worth, you may want to increase your coverage. Keep in mind you will also need to meet the minimums required for auto insurance in Spokane, WA and the minimum homeowner’s insurance your lender requires you to have before getting umbrella insurance. 

Contact Western Insurance Associates to get a quote on umbrella insurance. 

Types of individuals and businesses that may benefit from umbrella insurance

Umbrella insurance is a unique type of coverage that is not for everyone. Still, it may benefit certain individuals who have high liabilities and large amounts of personal or business property. Western Insurance Associates provides umbrella coverage to clients in the Spokane, WA area and throughout the state. 

Business owners

Business owners can benefit from large amounts of coverage in several situations. For example, companies that specialize in transportation may have large fleets of vehicles on the roads at all times. If these vehicles are transporting goods or susceptible to large scale losses, it may be best to cover them under an umbrella policy. Some businesses may also have a large inventory or special equipment that is extremely valuable. A typical insurance policy may not be robust enough to cover everything that can potentially happen to these expensive items if they are destroyed or stolen.

Wealthy and high net worth individuals

When someone owns a large amount of real estate or luxury items that are in their personal collection, a standard homeowner’s insurance policy will not provide nearly enough coverage to protect them. An umbrella policy may provide thousands or millions of dollars of additional coverage beyond standard homeowners or auto insurance to protect these investments. The upfront costs of the policy can result in substantial savings if a wealthy individual ever has to deal with an emergency that destroys their home, possessions, or cars. 

Speak with someone who can provide more info about umbrella insurance

To learn more about if you will benefit from an umbrella policy, speak with an agent at Western Insurance Associates. We serve the Spokane, WA area with superior insurance coverage and unparalleled customer service. 

Why do I need an umbrella policy

Living in Spokane, WA, you know the benefit of an umbrella when it rains. An umbrella insurance policy does for your assets what an umbrella does for your hair and clothes, it protects them. Western Insurance Associates has a knowledgeable staff to explain the benefits of an umbrella insurance policy and why everyone with any assets needs one.

You need an umbrella policy if you own a home or a car. An umbrella policy is additional liability coverage above and beyond what is provided by the liability portion of your home or auto insurance. Liability coverage may be something that you don’t think a lot about but it is important. It protects you against lawsuits that may be filed against you. If you are in an automobile accident or someone is hurt at your home you can be sued for damages and medical expenses. Owning a dog is also something that makes an umbrella policy a good idea. 

Not only would these types of events result in legal fees but it can also involve a judgment against you. Judgments can be very high and if they exceed the liability on your policy, you are responsible for the additional amount unless you have umbrella insurance. Typically umbrella insurance is between one and five million dollars. If you don’t have umbrella insurance, you could be forced to sell your assets and your wages could be garnished for years to come. A horrible prospect to consider. 

An umbrella policy can give you peace of mind. If you have assets, it is something that you really need to consider. Why not call our office in Spokane, WA and talk to the experienced team at Western Insurance Associates about what umbrella insurance can do for you. You will be surprised at how affordable this important coverage is.