Protecting Your Assets: How Umbrella Insurance Keeps You Covered

We’ve all been guilty of saying something rash or stupid from time to time. We may say something that’s inflammatory, that pushes buttons, or pushes the truth a bit. It’s possible that we might even say something that can be deemed illegal as slanderous or libelous.

What happens if you say the wrong thing in your home? What if someone sues you for libel or slander? Will your homeowner’s insurance provide financial protection in the event you are accused of slander or libel?

What are Slander and Libel?

Slander and libel are two types of defamatory statements. Slander is oral (spoken) defamation, and libel is written defamation such as blog posts, letters to the editor and internet chat comments.
 

Protecting Yourself Against Defamation Lawsuits

There are two ways to protect your assets in the event of a lawsuit stemming from libel or slander claims:

  • Add a personal injury endorsement to your Rockville homeowners policy. This only covers libelous or slanderous acts that are unintentional. It’s not the best protection if you planned to say or write something antagonistic, and any statements made while conducting business would be excluded. Personal injury coverage extends your liability coverage, and may cover statements made away from your home.
  • Take out an umbrella policy in addition to your home insurance policy. This would need to be added after the personal injury endorsement because your homeowner’s policy coverage would be applied first, and the umbrella policy would make up the excess. Umbrella coverage against liability covers more than libel and slander; it can also protect your assets by helping cover your defense costs if you are sued for invasion of privacy, wrongful imprisonment, and defamation of character which takes place in your home.

We may never be able to prevent ourselves from writing or saying hurtful things, but we can protect ourselves against financial loss if it inadvertently occurs. For more information about how umbrella insurance can protect your assets against loss from defamation claims, contact one of our independent insurance agents at Wellspring Insurance Network Inc. today. We’ll be happy to show you the benefits of purchasing umbrella insurance coverage on your Maryland home, automobile or boat.

What To Look For In A Motorcycle Insurance Policy

The moment you purchase a motorcycle in Rockville, you will want to obtain a motorcycle insurance policy. It can be dangerous to purchase the first policy that is offered to you, simply because it may not have the right coverage or be the best priced premium. There are some things to look for inside of a policy to ensure that you are getting the best deal.

Level of Coverage

What kind of coverage do you have within the policy? You want to look at collision and comprehensive, which will provide coverage on and off the road. You also want to look at the dollar amounts so that you can minimize what you would pay out-of-pocket.

Deductible

The deductible is the amount of money that you will pay prior to the insurance company paying for the rest. The standard deductibles range from $250-$1000. The higher your deductible, the lower your premium.

Replacement Value

In the event that you total your motorcycle out on the road, you want to look at the replacement value in the policy. It should be enough to allow you to go into the dealership and pick out a bike that is similar to the one that you are driving now.

Cost of Premium

The premium is what you are going to pay each month for insurance. Some insurance companies may allow you to pay every six months or every year, which can also result in a discount. This is going to vary based upon the insurance companies out there, and comparing premiums is of the utmost importance so that you don’t pay more than what is necessary.

Contact one of our independent insurance agents at Wellspring Insurance Network Inc. today. We can guide you through the process of purchasing motorcycle insurance and Maryland.