“Covering” Your Clients: The Importance of Personal Umbrellas & Home-Based Business Coverage - July Webinar
Recorded On: 07/10/2024
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When explaining personal umbrella policies to agents, it's crucial to emphasize their role in providing an extra layer of liability coverage beyond what traditional home and auto insurance policies offer. Here's a breakdown of essential coverage points to discuss:
- Liability Protection: Personal umbrella policies primarily offer additional liability coverage. They kick in when the liability limits of your primary insurance policies (like homeowners or auto) are exhausted due to a covered claim. This extra protection is vital in scenarios where you're sued for damages or injuries that exceed your underlying policy limits.
- Coverage Extensions: Umbrella policies often extend coverage beyond the limits of your primary policies. This includes broader protections such as coverage for libel, slander, defamation, and false arrest. It's crucial for agents to detail these extensions, ensuring clients understand the comprehensive nature of umbrella coverage.
- High Coverage Limits: Umbrella policies typically offer coverage in increments of $1 million or more, providing substantial protection against catastrophic events. Agents should discuss the importance of adequate coverage limits tailored to the client's assets and potential risks.
- Cost-Effectiveness: Despite offering substantial coverage, umbrella policies are relatively affordable, considering the protection they provide. Agents should highlight the cost-effectiveness of umbrella coverage compared to the potential financial devastation of being underinsured in a liability claim.
- Peace of Mind: Umbrella policies offer more than just financial protection; they provide peace of mind. Knowing that you have an extra layer of defense against unforeseen liabilities can alleviate stress and uncertainty for clients.
- Exclusions and Limitations: Agents must also educate clients about the exclusions and limitations of umbrella policies. While they offer broad coverage, certain risks may not be covered, such as intentional acts or business-related liabilities. It's essential for clients to understand these limitations to avoid misconceptions about their coverage.
- Underwriting Considerations: Agents should discuss the underwriting considerations for umbrella policies, including factors such as driving record, home safety features, and lifestyle factors. Providing guidance on how clients can mitigate risks and potentially lower premiums can be valuable in the decision-making process.
By addressing these essential coverage points, agents can effectively educate clients about the importance and benefits of personal umbrella policies, helping them make informed decisions to protect their assets and financial well-being.
Jamey Alwood, CIC
Transactional Insurance Products RLI
RLI Insurance Company
RLI is a leading U.S.-based specialty insurance company that helps customers navigate the world of insurance and risk. For 50+ years, we've helped people and companies safeguard assets through a diverse portfolio of property and casualty insurance and surety products.
We believe in a different way of doing business and RLI is not what you’d expect from a typical insurance company. Our creative and collaborative workplace is cultivated by employee owners empowered to make good decisions for customers and the business.
We have a reputation for niche expertise, superior service and an entrepreneurial culture. In the industry and among our peers, we’re known for:
The best and brightest people in the industry who build strong relationships and provide outstanding service.
An underwriting focus so we perform well in all market cycles.
Our empowered, creative ownership culture.
A customized approach to developing insurance products to meet very specific needs.
Proven financial strength.
Alexandra DeVictor
Account Manager
Ohio Insurance Agents Association
With over nine years of dedicated service at Ohio Insurance Agents (OIA), Alexandra DeVictor stands as a seasoned professional in the insurance industry. Her expertise lies in providing comprehensive insurance solutions, particularly specializing in RLI (Rli Corp) insurance products.
**Professional Background:**
Alexandra embarked on her insurance career immediately after completing high school, immersing herself in an in-depth learning program to obtain her insurance license. Joining Ohio Insurance Agents, she swiftly rose through the ranks, guided by her innate talent for analysis and a customer-centric approach.
**Expertise and Specialization:**
Throughout her tenure, Alexandra has honed her expertise in RLI insurance, demonstrating an in-depth understanding of its intricacies and nuances. Her proficiency extends across various facets of RLI coverage, including excess liability, professional liability, and specialty insurance lines. With meticulous attention to detail and a knack for identifying clients' unique needs, Alexandra consistently delivers tailored insurance solutions that provide optimal protection and peace of mind.
**Client-Centric Approach:**
Recognized for her unwavering commitment to client satisfaction, Alexandra takes a consultative approach to insurance advisory, prioritizing clear communication and transparency at every stage of the process. She understands that each client's circumstances are unique and takes the time to thoroughly assess their risks and objectives, ensuring that the insurance solutions recommended align perfectly with their requirements.
**Community Involvement and Leadership:**
Beyond her professional endeavors, Alexandra is actively involved in community initiatives aimed at promoting financial literacy and insurance education. She volunteers her time to conduct workshops and seminars, empowering individuals and businesses to make informed decisions regarding their insurance needs. Moreover, within Ohio Insurance Agents, Alexandra is esteemed for her leadership qualities, serving as a mentor to junior colleagues and contributing to the continuous growth and success of the organization.
**Conclusion:**
With her extensive experience, unwavering dedication, and profound knowledge of RLI insurance, Alexandra DeVictor epitomizes excellence in the insurance advisory field. Her commitment to delivering unparalleled service and her passion for empowering clients make her a trusted advisor and a valuable asset to both Ohio Insurance Agents and the communities she serves.
Lena Theesfield
Associate Account Executive
RLI Insurance Company
Lena Theesfield is an accomplished insurance professional specializing in RLI (Rli Corp) insurance. She currently serves as an Associate Account Executive at RLI Insurance Company, bringing with her valuable experience from her previous role at State Farm as a Personal Lines Underwriter.
With a Bachelor's degree from Illinois State University, Lena's expertise lies in providing tailored RLI solutions to meet client needs. Known for her dedication and client-centric approach, she remains committed to continuous learning and growth, ensuring she delivers value-added solutions that exceed expectations.
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