There is a good chance that you have heard of umbrella insurance before. But there is also a good chance that you don’t understand exactly what this type of insurance is. Fortunately, we have taken the time to help you gain a better understanding of what this insurance is and whether or not you should invest in it. 

What is umbrella insurance?

When you are trying to understand umbrella insurance, you should view it as an extra form of liability insurance. It is designed to help provide protection for you from major claims and lawsuits. In doing this, it provides protection for your assets. How does it do this? There are two main ways, and they are as follows:

• It extends the coverage of your original liability coverage. It can provide additional coverage for a variety of policies, including auto and homeowners policies. When the coverage of these policies has been exhausted, the umbrella coverage will kick in. 
• It provides coverage for certain types of claims that may not be covered under certain policies, including those related to a false arrest and libel/slander. 

Do you need umbrella insurance?

To help you decide if you need to invest in umbrella insurance, you should first understand that this type of investment is beneficial for everyone. And while many people are under the impression that umbrella insurance is only for the wealthy, it should be recognized that this type of insurance is actually quite affordable. The best way to determine whether or not you need to invest in it is by speaking with a qualified insurance agent who can assess your exact insurance needs. 

To learn more about umbrella insurance, please contact Hart Insurance serving the Federal Way, WA area. 

 

 

Businesses large and small have exposures that can cripple them financially, making it important to mitigate risks using commercial insurance. This policy provides different protections depending on a company’s location and the insurance provider. Some common areas of coverage and their significance to ongoing operations are listed below.

Business Loss

Commercial insurance generally protects companies from losses associated with specific types of property damage, misappropriation of assets, accidents and business interruptions, among other types of financially challenging situations. The insurance is designed to minimize the losses companies incur, allowing businesses to recover and continue operations. Given the complex operating environments for all types of businesses, insurance coverage is a necessity.  

Common risks covered by commercial insurance include:

-Theft

-General Liability

-Worker Injury

-Property Damage

Who Needs Coverage?

Most businesses benefit from carrying commercial insurance, even if the business is being run out of the owner’s home. It’s important to consult with a qualified commercial insurance agent to get an idea of coverage options, given one’s business type and potential threats. Even small businesses are susceptible to lawsuits and claims. An owner’s personal assets may be at stake if the business doesn’t have liability protection because it’s a sole proprietorship or a general partnership.

For home-based businesses, many insurance providers offer a rider option for regular homeowner policies. This adds an extra layer of coverage that will help owners sleep a little easier at night because they have a hedge against financial ruin.

For additional information on commercial insurance in Federal Way, WA, please contact Hart Insurance. Businesses have inherent risks that need mitigation. Commercial insurance has the power to protect companies from financial ruin attributable to routine operations. 

Like any smart homeowner and driver, you have determined the best homeowners and automobile insurance policies to cover your yourself against losses due to theft, damage, injury, fire, and other natural disasters. But, are your assets really protected in the event that a major calamity or unforeseen event occurs which threatens your financial security? Umbrella insurance is a type of liability insurance which supplements your basic auto, homeowners or rental insurance policy limits. An umbrella policy has a much higher coverage limit than that goes above and beyond your basic coverage.

How Does An Umbrella Insurance Policy Protect My Assets?

An umbrella insurance policy protects your assets from claims stemming from an event in which you are determined to be responsible for excessive property damage or bodily injury, above your basic policy limits. If another party sues you, it will pay for any damages you’re found legally responsible for up to the policy’s limits An umbrella insurance policy can also protect your assets by helping cover false arrest, libel, slander and legal fees. An umbrella policy will kick in and pay once your basic homeowner or automobile liability limits have been exhausted or if the claim isn’t covered by the basic liability coverage.

Why Do I Need Umbrella Insurance?

If you are found liable for a loss, injury, damage or other events, your Federal Way WA home, car, checking and savings accounts, investments, retirement accounts, and even future income can be considered an asset. If you are sued for a large amount and don’t have enough liability insurance to cover the costs, your assets can be up for grabs. Purchasing an umbrella policy can help you prevent financial ruin in the event of a major accident or damage you are responsible for.

How Much Umbrella Insurance Coverage Do I Need?

Everyone has a different situation and has different insurance needs. However, when considering your coverage limits, remember the following three things:

• Your Risks – What are your risks as a homeowner? What are the risks of your work commute? Do you engage in any potentially dangerous activities that put you or others in danger?
• The Value of Your Assets – The more assets you have, the higher your umbrella policy’s limits will need to be to protect your property, savings and retirement funds, stocks and bonds, and possessions.
• Potential Loss of Future Income – Are you on track for a future high-paying career? Even money you haven’t earned yet can be considered an asset in a serious lawsuit.

For more information about how to protect your assets with umbrella insurance, talk with an agent at Hart Insurance today.  Our Federal Way, WA insurance experts at Hart Insurance will help you determine your specific risk factors and help you find a policy that meets your specific needs and budget.

You have insurance to protect your home and automobile for damage and liability considerations. In the same way, you need boat or marine insurance to protect you when you head out onto the water. However, boat insurance doesn’t work in the same way as other policies. The professionals at Hart Insurance understand the special needs that residents in the Federal Way, WA area have and are always ready to help you understand the coverage options that are available. 

Boat insurance is important to maintain during the time that you own a boat. It doesn’t matter if your boat spends a great deal of time in the driveway or out on the water, there are risks that always present themselves. In some cases, smaller boats may be covered by your homeowner’s insurance but you will need to talk with your agent to ensure this. 

Boat insurance policies typically have two types of coverage:  liability and physical damage. Liability coverage protects you if you are deemed liable for an accident where someone or their property is damaged.  In these cases, the injured party has the legal right to sue you. Without appropriate liability coverage, your assets are at risk. Physical damage coverage protects the boat and its mechanical elements. It can also protect against storm damage and vandalism. Damage reimbursement will be outlined in the policy.  Some provide “Agreed Value” which outlines an amount in the policy. “Cash Value” in a policy means that the boat’s depreciation will be factored into the reimbursement. 

Every boat and owner’s situation is different. It is important to talk with your agent at Hart Insurance. Boat owners in the Federal Way, WA area can visit their website for information then call to get fast, appropriate coverage today!

At Hart Insurance, serving the greater Federal Way, WA area, we are often asked by car owners when they need regular auto insurance versus classic car insurance. Sometimes it is obvious, such as when you have a restored classic automobile or a new car. Other times, there is a fine line between a regular older car and an unrestored classic car. Here are a few of the signs that you may need classic car insurance over regular auto insurance. 

The Car is Worth More than Blue Book Value

One of the signs that you need classic car insurance rather than regular auto insurance is that the value of the car is worth significantly more than the Blue Book value of the car. If your car has value based on its demand with collectors, you likely need classic car insurance rather than regular auto insurance. 

You Rarely Drive the Car

Another sign that you may need classic car insurance rather than auto insurance is that you rarely drive the car, aside from to and from car show events. If your car is older and you participate in class car shows or parades, but don’t use the car for much else, classic car insurance may be the better choice for you. 

The Age

Generally speaking, any car that is 10 years or older can be deemed a classic car. Any car that is 25 years or older can be deemed an antique car. As such, your car must meet these age restrictions in order to be able to obtain the right type of insurance on the automobile. However, age alone should not be the deciding factor when determining whether to get classic car versus regular auto insurance. The other two factors, plus the age, should help you decide. 

If you currently have regular auto insurance on your car, but need classic car insurance, let Hart Insurance, serving the greater Federal Way, WA area, help. Contact us today to get started on a classic car auto insurance policy or to obtain a free quote. 

While most business owners feel confident and protected with their standard commercial insurance policies, there are times when sometimes those coverages may not be enough. Hart Insurance in Federal Way, WA knows the importance of preparing for the unexpected when it comes to commercial insurance.  A commercial umbrella plan can protect your company from liability claims that could exceed the limits of your commercial insurance policy.

What is Commercial Umbrella Insurance?

Commercial umbrella policies provide additional liability coverage in the event of claim or lawsuit against your company that exceeds the limits of your standard commercial insurance policy.  Without an umbrella policy, your business will be required to pay claims settlements, and medical fees that your business is liable above and beyond your policy limits.

What Unexpected Events Can an Umbrella Policy Protect Against?

Some examples of how umbrella coverage can protect your company from significant financial complications are:

• Lawsuits Due to Injury – Injuries that your business may be liable for that cause significant injury, medical complications, or disablement can lead to large claims.  The cost of long-term medical treatment, loss of wages, and punitive damages will typically exceed the limits in place in your standard liability policy.   An umbrella policy can prevent the company from having to pay these expensive costs out of company cash flow.
• Claims for Errors – Lawsuits from errors in advertising can lead to large lawsuits and sometimes even class action claims.  These settlement amounts can become high enough to cause your business serious financial trouble.  While your standard commercial policy will provide coverage in the event of a claim, defending against these type of issues or having to pay out multiple claimants can exceed your coverage cap.

If you are a business owner and would like a quote on an umbrella policy, contact the experienced agents at Hart Insurance in Federal Way, WA and get your company the additional protection it needs today.