Three reasons why you need umbrella insurance

Consumers need to know what umbrella insurance is and how it works. They also need to understand why this type of coverage is essential.

At Great Michigan Insurance, we offer umbrella coverage. The following are three reasons why this type of insurance coverage is vital for consumers in Marshall, MI. 

A lawsuit or accident can cost you more than your insurance policy maximum coverage amount.

Unfortunately, many home and auto insurance policies have coverage limits that are too low to provide adequate coverage in the event of a costly accident. Umbrella coverage is a convenient solution for extending insurance coverage over policy limits.

Accidents and lawsuits are unpredictable. It’s difficult to determine in advance how much they might cost you. To be safe, you can invest in umbrella coverage so that your liability expenses will be covered regardless of how high they are. 

Umbrella insurance coverage protects your assets.

Any assets you have are at risk if a considerable liability expense comes up that exceeds your insurance policy maximums. Umbrella insurance is a necessity for anyone with assets to protect. 

An umbrella insurance policy is a relatively inexpensive way to get a significant amount of additional coverage.

When you shop around for umbrella insurance coverage, you may find yourself surprised at how much coverage you get for relatively inexpensive premiums.

Umbrella insurance is an insurance product that helps to maximize the value you get from insurance coverage. Personal umbrella insurance coverage can enhance a policyholder’s home and auto insurance coverage. 

Get started finding the right umbrella insurance policy in Marshall, MI. We’re here to help you at Great Michigan Insurance. Get in touch with us to learn more about our policy offerings. 

Different Types of Condo Insurance

 While condo insurance is sometimes confused with your condo association’s insurance, they are two different things. The fees you pay to your condo association and the insurance the association obtains is intended to cover the common areas- outside of your individual condo unit.

Protecting the inside of your condo requires you to purchase a separate policy. However, your condo association’s policy can impact the type of coverage you need, and Great Michigan Insurance is here to help Michigan residents find the best coverage for their needs.

The most common condo insurance coverage includes:

Building Property Protection

This coverage may help cover damages to the interior of your condo, such as your walls and other permanent fixtures.

Personal Liability Coverage

If a guest is injured while in your condo and you are found at fault, personal liability coverage may help cover medical and other related expenses. There is also guest medical coverage, which might help cover costs related to a visitor’s injury even if you are not found to be responsible for said injury.

Personal Property Coverage

Personal property insurance is designed to cover damage and loss of your personal belongings, such as your clothes and appliances.

Umbrella Insurance

Sometimes standard, and even additional, coverage is just not enough. If your net worth is high or you feel that you need more coverage than what you currently have, consider an umbrella insurance policy.

Flood Insurance

Standard condo insurance does not usually cover flood damage, so this is one you would need to add on yourself. If you have a mortgage on your condo, there is a good chance that your lender will require you to get it, especially if you are in a flood zone.

If you own or are buying a condo in the Marshall, MI area, reach out to us at Great Michigan Insurance. We can help you get the coverage you need so you can focus on loving your home.  

Life Insurance: Luxury or Need?

If you consider life insurance a non-essential entity in your life, it’s time to think again. Life insurance has so much to offer in the way of financial security for those you love in the event of your unexpected demise. A life insurance policy from Great Michigan Insurance in Marshall, MI offers your loved ones the following benefits and more:  

Financial Support  

If your loved ones count on you for financial support, your unexpected demise could put them in financial straits due to the sudden loss of income. Life benefits can help replace your income so your loved ones can carry on. Whether you’re supporting a spouse, children, or aging parents, benefits from a life insurance policy can provide essential financial security for their future. Life benefits can help supplement your family’s budget, pay for medical expenses, cover school needs, and more. You can even designate those benefits to be put aside to help pay for your children’s college after they’re grown.

Paid Debts

Life benefits can be used to pay your outstanding debts, so your spouse, parents, or other relatives don’t have to assume this burden. This includes co-signed student loans, the mortgage on your home, car loans, or business loans. You can have peace of mind that your debts will be taken care of in the event of your untimely demise.

Paid Funeral Costs

If you’ve made no previous arrangement for your funeral, your loved ones will have to assume this responsibility if you were to pass on suddenly. Life benefits can be used to help cover these costs. Your loved ones won’t be weighed down with this financial burden at a time when they’re mourning your loss.

For more information about life insurance options and costs, contact Great Michigan Insurance. For your convenience, we serve residents in Marshall, MI, and surrounding communities. 

Getting the Most Out of Your Commercial Auto Insurance Policy

A commercial auto insurance policy protects the mobility of your Battle Creek or Marshall, MI area business. However, multiple claims can negatively impact your profit potential. These tips from Great Michigan Insurance will help you decrease the possibilities of claims, increase the longevity of your work vehicles, and improve driver performance.

  • Install GPS-capable tracking devices in all company vehicles. Some devices are able to record mileage, driving habits, and other bits of information as well. These trackers help you understand how your drivers operate, which offers opportunities for more effective training. The digitally collected data also makes it easier to determine operating costs and create more effective maintenance schedules.
  • Designate a fleet manager. Even if you only have 2 company vehicles, a dedicated fleet manager simplifies your management processes. Having one person in charge of keeping track of maintenance logs, fuel records, purchasing, and other details decrease confusion that could lead to poor vehicle performance.
  • Opt into roadside assistance. For smaller businesses, roadside assistance is a cost-effective way to keep your vehicles operative. Instead of paying for a dedicated emergency response employee or shelling out big bucks for independent towing services, commercial roadside assistance can help you get moving after an emergency without a large investment.
  • Contract all of your mechanical work to one shop. Find a mechanic or shop that can serve all of your maintenance and emergency needs. Use the volume of work you offer to negotiate discounted rates or premium services.

Your Battle Creek or Marshall, MI area business can’t run without properly maintained vehicles. Let Great Michigan Insurance customize your commercial auto insurance contract to fit your needs. Contact us to learn how to maximize the value of your commercial auto coverage.