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At McCormick Insurance Inc., most clients always want to know about deductibles and coverage limits. The idea is to determine how much they will be paid and what amount they will part with when making a claim. Additionally, we usually don’t like to see clients’ covered partly when perils strike. For this reason, we ask clients to consider insurance plans like excess insurance to boost the insurance options they have in place.
What is excess insurance?
Before going far, let’s get basics out of the way: what is excess insurance? This insurance plan provides additional coverage to your existing insurance plans. Simply put, it’s an insurance plan that covers the extra cost over and beyond what your primary insurance plans cover.
Most people confuse excess insurance with umbrella insurance. The two serve the same purpose of boosting your insurance policy, but they are different. Excess insurance enhances related insurance policies, while umbrella insurance covers different plans. Also, umbrella insurance provides coverage against personal liabilities like libel and slander — such perils aren’t covered by excess liability.
Who needs excess liability?
Excess insurance is not mandatory like auto insurance, meaning that not everyone needs this insurance plan. However, if your claim history is high, you definitely need excess insurance. For instance, if your business has premises where customers usually make claims of falls and slips, you need excess insurance.
Besides, if you have a high chance of being sued, excess insurance would come in handy to cover attorney fees, paperwork, and court awards.
Buy excess insurance in Pembroke Pines, FL
Would you like to buy excess insurance in Florida? Please look no further than McCormick Insurance Inc. We don’t just sell insurance for the sake. We will examine your situation and advise whether excess insurance is good for you.