Month: November 2022

Pikes Peak Insurance Agency offers umbrella insurance in both commercial and personal variations, but which do you need? The answer depends on your situation, and you might need both. Our team of insurance experts at  Pikes Peak Insurance Agency can help you evaluate your needs and match you with the right coverage. 

Umbrella Insurance: Personal or Commercial?

Personal Umbrella Insurance in a Nutshell

Your Falcon, CO home receives protection from your home insurance policy, but it mostly covers belongings and the home’s structure. A tiny bit of liability coverage in the home policy typically affords you about 10 to 20 percent of the home’s value in liability coverage. The cost of a settlement from liability incurred due to an accident at your home can cost you much more than that.

Umbrella insurance, a secondary policy type, provides the added coverage needed. When added to a home policy – the primary policy – the personal umbrella insurance offers up to one million dollars of coverage for liability.

The In-Between Option

If you operate a home-based business, you could add a rider for your business to your home insurance and umbrella insurance. This hedges the line between personal and commercial umbrella insurance. You have to meet specific business terms to qualify.

Commercial Umbrella Insurance Rounds It Out

Operating a business in Falcon, CO, requires essential commercial coverage. In a commercial policy, a primary liability policy provides the business with a flat amount of coverage. You choose the amount, but up to the policy limits. Businesses with high liability operations, such as ziplining operations or rock climbing facilities, need more coverage. The commercial umbrella policy provides this.

Give Us A Call

Contact Pikes Peak Insurance Agency for a consultation on your umbrella needs. Some individuals who serve as community leaders need both a personal and a business policy to protect them at home and at their company.