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THE VALLEY BUSINESS JOURNAL 14 www.TheValleyBusinessJournal.com December 2020 Smart Business Connections Featured GOT SPACE? Coworking Connection Does! • Desk Space • Cube Space • Meeting Room Space • Event Space FUN, CREATIVE, COLLABORATIVE, GET WORK DONE SPACE! Support your local nonprofits Drop on by Coworking Connection TODAY! Call us at 800-762-1391 for more information or visit us online: www.coworkingconnection.com NOW, you can be seen in this multiple award-winning newspaper at a lower price than ever before - only $89 per month. Contact us for more information at (951) 461-0400.
December 2020 THE VALLEY BUSINESS JOURNAL www.TheValleyBusinessJournal.com 15 Personal Umbrella Liability Insurance Life is unpredictable, and as much as you plan, there’s always something around the bend that never crossed your worried mind. If the unexpected occurs, do you have enough liability limits to protect your and your family’s assets the way you want? If you were found liable for an accident, would your current liability limits cover the judgment against you, or could your assets be at risk? With a Personal Umbrella policy, you’ll have additional liability limits over and above those provided by your underlying policies. Your assets, as well as your future earnings, are covered. Umbrella Insurance Explained To get a better sense of what Umbrella insurance is and how it would work, it helps to think about it in action. Say you’re held liable for causing a car accident with multiple vehicles, and the cost to cover the damages and injuries is $650,000. However, the liability limits on your Auto policy are only $500,000. In this case, your insurance would pay only $500,000 for the entire accident, and you would be responsible for the remaining $150,000 out of your own pocket! With a Personal Umbrella policy, however, you could extend your liability limits beyond the maximum provided by your underlying policies. In this case, an Umbrella policy would provide liability limits above the $500,000 limit of your Auto policy, up to the limit you choose for your Umbrella policy (typically anywhere “ INSURANCE by by Craig Steve Davis Fillingim If the unexpected occurs, do you have enough liability limits to protect your and your family’s assets the way you want? If you were found liable for an accident, would your current liability limits cover the judgment against you, or could your assets be at risk? from $1 million up to $5 million in coverage). In other words, you wouldn’t be left paying the remaining $150,000. Other Benefits Besides providing increased liability limits, a Personal Umbrella policy can fill gaps in your coverage with added benefits, such as: • Coverage for claims that may not be covered by your underlying Homeowners, Auto, or Watercraft liability policies, such as libel, slander, or defamation of character. • Coverage anywhere in the world. • Coverage for defense costs and attorney fees associated with claims against you that are covered by your Personal Umbrella policy, but not by your primary policies. Talk to your local insurance professional about adding a Personal Umbrella policy to your insurance portfolio. Craig Davis is an agent for Farmers Insurance and the owner of Craig Davis Family Insurance located at 27645 Jefferson, Suite 113, in Temecula. He may be reached at (951) 699-1776. cdavis@farmersagent.com Hired someone new? Launched a new product? Won an award? Invented something? Re-opened? Have a new service? Share your news with us! The Valley Business Journal publishertvbj@verizon.net
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