10/13/2026
John asks:
Q: Do I need an umbrella policy, Tom?
A: There is not set answer, John it all depends on your own risk factors. In your case yes, since you own a business and any lawsuit may attempt to pierce your corporation.
But here are some things that make up someone's risk factor:
*Young, new drivers
*Sit volunteering on a board of directors
*Have a boat and/or sea-doo
*Own a motorcycle
*Own hunting land
*Put in a swimming pool
*Get a new dog (dog bites!)
*You enjoy snowmobiling
*Own a business
*Own rental property
An Personal Umbrella Policy would go over all the items mentioned above but you still need underlying insurance on all property, boats, motorcycles, etc.
An Umbrella policy many people think replaces everything with 1 policy, when in-fact it GOES OVER all the other insured items.
Have a boat? It is excess liability over the boats policy.
Have a motorcycle? It is excess over the motorcycles policy.
Own land? It is excess over the lands policy.
Own an aggressive dog? It goes over your homeowner's policy.
Many reasons I've stated that maybe you should consider an umbrella policy. Your risk factors are your risk factors, so don't compare them to your neighbor, your sister, your co-worker - yours are different from theirs.
Need help? Call us or email me. Or DM me.
Tom
