Category: Umbrella Insurance

Non-profit organizations in Orland Park, IL play a vital role in serving communities and addressing critical social issues. Non-profit organizations must have comprehensive insurance coverage to ensure their sustainability and success. 

Going Beyond General Liability

While general liability insurance is crucial for non-profit organizations, it may not cover all potential risks sufficiently. Umbrella insurance fills this gap by extending coverage limits and expanding protection. 

Safeguarding Against Lawsuits

Non-profit organizations may face legal claims or lawsuits for their operations, services, or employment practices. Umbrella insurance provides extra protection against such claims, including legal defense costs and potential settlement or judgment amounts. This coverage can help safeguard the financial stability and reputation of the organization in the face of legal challenges.

Comprehensive Protection

Umbrella insurance complements existing insurance policies held by non-profit organizations. It extends coverage across multiple policies. 

Shielding Assets and Finances

Under a significant liability claim, umbrella insurance helps protect the organization’s assets and finances. It serves as a financial buffer, preventing potential depletion of funds or the need to redirect resources meant for the organization’s core mission towards legal costs or settlements. By mitigating financial risks, umbrella insurance allows non-profit organizations to continue serving their communities and fulfilling their mission.

Providing Security and Confidence

Umbrella insurance protects the organization and offers peace of mind to its board members and volunteers. It demonstrates the organization’s commitment to managing risk and protecting those involved in its operations. This added layer of coverage can attract and retain dedicated volunteers and board members who feel confident that their assets are safeguarded in the event of a liability claim.

How RetireMax Insurance Can Help You

Here at RetireMax Insurance, we can answer all your questions concerning umbrella insurance. We assist the Orland Park, IL region. Get in touch with us today.

What is umbrella insurance? Simply put, this is added liability coverage that kicks in when you have exceeded your underlying liability limits on your auto or homeowners insurance policy. RetireMax Insurance in Orlando, Park IL is here to provide the essential details on umbrella insurance to help you determine whether it’s right for you.

How Does Umbrella Insurance Policy Work?

Imagine a scenario in which you’re involved in an at-fault accident that leaves you liable for far more than your liability insurance covers. Let’s say you’re liable for a whopping $1 million in damages and medical bills, but your insurance stops at a maximum of $500,000. 

That’s where umbrella insurance comes in. It covers the other $500,000 so you don’t have to sell your assets or use your precious savings. Umbrella insurance also works for your home insurance, meaning you’re covered in case you’re liable for an amount that exceeds your home insurance liability limits.

What Is Covered By an Umbrella Policy?

Umbrella insurance typically covers:

• Bodily injury
• Property damage
• Defamation claims
• Other lawsuits, such as false arrest

What’s Not Covered By an Umbrella Policy?

Umbrella insurance doesn’t cover:

• Your own injuries
• Damage to your property
• Liability assumed as a business, i.e., while under contract
• Liability as a result of intentional harm

Do I Need Umbrella Insurance?

Umbrella insurance is generally ideal in situations where:

• You own property
• You’re a landlord
• You own recreational vehicles, such as boats
• There’s a high risk of being sued
• You’re a high-net-worth individual

Contact Us Today

There’s more to understand about umbrella insurance, and RetireMax Insurance in Orland Park, IL is here to help. Get in touch with us to learn more about what your policy covers and how much coverage you may need.