<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>Umbrella Policy Archives - K2 Specialty Dealer Insurance</title> <atom:link href="https://www.k2dealerins.com/category/umbrella-policy/feed/" rel="self" type="application/rss+xml" /> <link>https://www.k2dealerins.com/category/umbrella-policy/</link> <description>Just another WordPress site</description> <lastBuildDate>Tue, 29 Aug 2023 20:29:08 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <image> <url>https://www.k2dealerins.com/wp-content/uploads/2021/07/cropped-Logo-32x32.png</url> <title>Umbrella Policy Archives - K2 Specialty Dealer Insurance</title> <link>https://www.k2dealerins.com/category/umbrella-policy/</link> <width>32</width> <height>32</height> </image> <item> <title>How an Umbrella Insurance Policy Helps Your Client’s Used Car Dealership</title> <link>https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-car-dealership/</link> <comments>https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-car-dealership/#respond</comments> <dc:creator><![CDATA[admin]]></dc:creator> <pubDate>Sat, 05 Aug 2023 20:20:10 +0000</pubDate> <category><![CDATA[Umbrella Insurance]]></category> <category><![CDATA[Umbrella Insurance Policy]]></category> <category><![CDATA[Umbrella Policy]]></category> <category><![CDATA[Used Auto Dealers]]></category> <category><![CDATA[Aegis Specialty Dealer Division]]></category> <category><![CDATA[Auto Dealership]]></category> <guid isPermaLink="false">https://www.k2dealerins.com/?p=3041</guid> <description><![CDATA[<p>Insurance is vital to any business, and used car dealerships are no exception. In fact, due to the challenges and potential liabilities inherent in selling pre-owned vehicles, insurance (umbrella insurance in particular) becomes even more critical for used car dealerships to maintain a trustworthy reputation among their customers. In this blog, we’ll explore how this […]</p> <p>The post <a href="https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-car-dealership/">How an Umbrella Insurance Policy Helps Your Client’s Used Car Dealership</a> appeared first on <a href="https://www.k2dealerins.com">K2 Specialty Dealer Insurance</a>.</p> ]]></description> <content:encoded><![CDATA[<p><span style="font-weight: 400;">Insurance is vital to any business, and used car dealerships are no exception. In fact, due to the challenges and potential liabilities inherent in selling pre-owned vehicles, insurance (</span><a href="https://www.k2dealerins.com/used-auto-dealers/"><span style="font-weight: 400;">umbrella insurance</span></a><span style="font-weight: 400;"> in particular) becomes even more critical for used car dealerships to maintain a trustworthy reputation among their customers.</span></p> <p><span style="font-weight: 400;">In this blog, we’ll explore how this extra layer of protection can be a game-changer and offer your clients the peace of mind they need to thrive in the automotive market.</span></p> <h2><span style="font-weight: 400;">The Umbrella Policy and How It Works</span></h2> <p><span style="font-weight: 400;">Your client will most likely ask: What is an </span><a href="https://www.nerdwallet.com/article/small-business/business-umbrella-insurance-who-should-get-it"><span style="font-weight: 400;">umbrella insurance policy</span></a><span style="font-weight: 400;">? It’s a valid and important question that allows you to showcase your expertise as an insurance professional and provide valuable insights to your client. Here’s how you can explain it to them:</span></p> <p><span style="font-weight: 400;">Umbrella insurance coverage is like an extra layer of protection beyond your regular insurance coverage. Think of it as an “umbrella” that shields you from unexpected financial storms. Just like a regular umbrella keeps you dry during rain, an umbrella insurance policy helps keep your finances safe when faced with unexpected liabilities.</span></p> <p><span style="font-weight: 400;">For instance, if an expensive lawsuit arises due to a faulty vehicle sale and the dealer’s general liability policy is insufficient to cover all the damages, the umbrella policy will bridge the gap and safeguard the dealership’s assets and finances.</span></p> <h2><span style="font-weight: 400;">Quick Facts About Umbrella Insurance</span></h2> <p><span style="font-weight: 400;">Here are some important facts about umbrella insurance in the United States:</span></p> <p><b>Higher Liability Limits</b><span style="font-weight: 400;">: Umbrella policies typically come with higher liability limits, often starting at $1 million and going up from there.</span></p> <p><b>Policy Requirements</b><span style="font-weight: 400;">: Insurance companies often require businesses to have specific minimum liability limits on their primary policies to be eligible for an umbrella policy.</span></p> <p><b>Application Process</b><span style="font-weight: 400;">: Applying for umbrella insurance usually involves discussing your existing policies and personal situation with an insurance agent, followed by underwriting and approval.</span></p> <p><b>Personal and Business Use</b><span style="font-weight: 400;">: Umbrella insurance can extend to both personal and certain business activities, providing versatile protection for individuals and small business owners.</span></p> <h2><span style="font-weight: 400;">Is Umbrella Insurance Useful for a Used Auto Dealer?</span></h2> <p><span style="font-weight: 400;">Given the potential for high-dollar claims and the litigious nature of the auto industry, umbrella insurance is a valuable asset for used auto dealerships. </span></p> <p><span style="font-weight: 400;">For your clients in the used car dealership industry, an umbrella insurance policy can mean the difference between weathering a financial storm and facing potential ruin. </span></p> <p><span style="font-weight: 400;">By helping them understand the benefits of this additional layer of coverage, you’re positioning yourself as a valuable partner in their business’s success and providing them peace of mind so they can do what they do best: running a successful dealership.</span></p> <h3><b>About Aegis General Insurance Agency <span style="font-weight: 400;">—</span> Specialty Dealer Division</b></h3> <p><a href="https://www.k2dealerins.com/"><span style="font-weight: 400;">Aegis General Insurance Agency — Specialty Dealer Di</span><span style="font-weight: 400;">vision</span></a><span style="font-weight: 400;"> strives to create a leading underwriting and distribution franchise in the program insurance market. We’ve bridged the gap between agents and client payments with our efficient ACH payment system. Partnering with us gives agents the advantage of ACH payment capability, allowing for direct billing through the firm. Call us today at (866) 429-1638 to find out how you could partner with Aegis to offer top-tier insurance coverages and modern features to your clients.</span></p> <p>The post <a href="https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-car-dealership/">How an Umbrella Insurance Policy Helps Your Client’s Used Car Dealership</a> appeared first on <a href="https://www.k2dealerins.com">K2 Specialty Dealer Insurance</a>.</p> ]]></content:encoded> <wfw:commentRss>https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-car-dealership/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> <item> <title>How an Umbrella Insurance Policy Helps Your Client’s Used Car Dealership</title> <link>https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-dealership/</link> <comments>https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-dealership/#respond</comments> <dc:creator><![CDATA[admin]]></dc:creator> <pubDate>Wed, 01 Feb 2023 10:35:12 +0000</pubDate> <category><![CDATA[Auto Dealership]]></category> <category><![CDATA[Umbrella Insurance]]></category> <category><![CDATA[Umbrella Insurance Policy]]></category> <category><![CDATA[Umbrella Policy]]></category> <category><![CDATA[Used Auto Dealers]]></category> <category><![CDATA[Aegis Specialty Dealer Division]]></category> <category><![CDATA[Auto Dealers]]></category> <guid isPermaLink="false">https://www.k2dealerins.com/?p=2811</guid> <description><![CDATA[<p>How can an umbrella insurance policy benefit used auto dealers who are looking to build their dealerships? Getting the right used car dealership insurance is essential in this business, considering the significant financial investment necessary to get started. The Umbrella Insurance Policy and How It Works Getting the appropriate insurance is a crucial first step for establishing […]</p> <p>The post <a href="https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-dealership/">How an Umbrella Insurance Policy Helps Your Client’s Used Car Dealership</a> appeared first on <a href="https://www.k2dealerins.com">K2 Specialty Dealer Insurance</a>.</p> ]]></description> <content:encoded><![CDATA[<p>How can an umbrella insurance policy benefit used auto dealers who are looking to build their dealerships? Getting the right <a href="https://www.k2dealerins.com/used-auto-dealers/" target="_blank" rel="noopener">used car dealership insurance</a> is essential in this business, considering the significant financial investment necessary to get started.</p> <h2>The Umbrella Insurance Policy and How It Works</h2> <p>Getting the appropriate insurance is a crucial first step for establishing a used car dealership.</p> <h3><strong>Useful Insurance for Auto Dealers </strong></h3> <p>But what type of insurance does a used auto dealer need? Standard auto and property insurance are obvious choices. Likewise, these protect the inventory and car lot against possible losses and damage from extreme weather, other acts of nature, criminal activity, and vandalism.</p> <p>Most used car dealers also carry general liability insurance. Additionally, it protects them against injury claims and lawsuits arising from third-party losses or damage on their property. Given the potential for vehicular accidents and injuries, general liability coverage can benefit used car dealers.</p> <h3><strong>Umbrella Insurance Policies Defined </strong></h3> <p>As helpful as these other policies are, used auto dealers may need another type of insurance. Moreover, your clients need to understand that despite their comprehensive coverage, these insurance options have limitations. They may not cover every potential risk factor, or their coverage may not be sufficient to handle every untoward incident.</p> <p>It is where <a href="https://wallethub.com/edu/oi/umbrella-insurance/9808" target="_blank" rel="noopener">umbrella insurance</a> can step in. As the name implies, umbrella insurance offers added insurance coverage for claims or liabilities that standard auto or property insurance won’t cover. They come with higher limits and extend the coverage provided by standard auto and property insurance policies.</p> <p>The extended coverage offered by umbrella insurance policies typically starts at $1 million. They also cover libel, slander, and other liabilities that other insurance policies don’t cover. Also known as “personal umbrella insurance”, they can be helpful supplements to insurance policies that most used car dealerships already have.</p> <h3><strong>Quick Facts About Umbrella Insurance</strong></h3> <p>Here are some quick facts about umbrella insurance policies:</p> <ol> <li>Most cost anywhere from $150 to $300 per year.</li> <li>They are useful for car dealers whose current insurance limits are lower than the total value of their assets.</li> <li>Umbrella policies provide coverage beyond the scope of standard liability insurance.</li> <li>They cover libel, slander, psychological harm, and even mental anguish.</li> <li>They do not cover injuries or property damage incurred by the policyholder .</li> <li>Coverage limits start at $1 million but can be as high as $10 million</li> </ol> <h3><strong>Is Umbrella Insurance Essential for a Used Auto Dealer?</strong></h3> <p>Strictly speaking, umbrella insurance isn’t necessary for used auto dealers. In many cases, standard auto and property insurance provides sufficient coverage for most of their needs, while personal liability covers the rest.</p> <p>But auto dealers with high net worth who want to protect their future earnings would do well to consider getting the added coverage that umbrella insurance provides. And if the limits of their current liability insurance fall short of the total value of their assets, getting an umbrella insurance policy is a no-brainer.</p> <p>Here’s a good way for your client to determine if personal umbrella insurance is worth considering:</p> <p>Have them assess their assets by calculating their home equity, personal savings, various accounts (including retirement and brokerage), the college funds of their offspring, and other investments. If the total is more than the limits of their current policies, getting umbrella insurance is advisable.</p> <h4>About K2 Specialty Dealer Insurance Services</h4> <p><a href="https://www.k2dealerins.com/" target="_blank" rel="noopener">Aegis Specialty Dealer Division</a> strives to create a leading underwriting and distribution franchise in the program insurance market. We’ve bridged the gap between agents and client payments with our efficient ACH payment system. Partnering with us gives agents the advantage of ACH payment capability that allows for direct billing through the firm. Call us today at (866) 429-1638 to find out how you could partner with K2 so you could offer top-tier insurance coverages and modern features to your clients.</p> <p>The post <a href="https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-dealership/">How an Umbrella Insurance Policy Helps Your Client’s Used Car Dealership</a> appeared first on <a href="https://www.k2dealerins.com">K2 Specialty Dealer Insurance</a>.</p> ]]></content:encoded> <wfw:commentRss>https://www.k2dealerins.com/how-an-umbrella-insurance-policy-helps-your-clients-used-dealership/feed/</wfw:commentRss> <slash:comments>0</slash:comments> </item> </channel> </rss>