Umbrella Policy

What Does Umbrella Insurance Cover?

If you have a serious car accident involving huge medical bills or an incident on your property, you can quickly find yourself responsible for damages that exceed the limits on your auto, boat, motorcycle or homeowners policies. 

An Umbrella Insurance Can Provide:

  • An extra $1 million to $10 million of liability coverage, which can help protect assets such as your car, boat, rental properties and home.
  • Coverage for claims like libel, slander, defamation of character and invasion of privacy. 
  • An Umbrella also helps cover defense costs, attorney fees and other charges associated with lawsuits. 
  • This coverage also extends to international occurrences.

An umbrella policy is a valuable addition to any auto, homeowners or other policy for extended personal liability protection.

In today’s world, anyone can get hit with a lawsuit. That’s why it’s more important than ever to consider an added layer of protection for your assets – and your peace of mind.

An umbrella policy protects you when your liability limits are exhausted.

If you have assets that are not protected you could get sued for more than the limits of your regular auto or home poliies.

If you have assets like multiple rental properties or other assets you could be a prime target for a lawsuit.

The main thing to do is to make sure you’re propery insured with the same limits as you don’t know where a loss could occur- just raising your current limits may be all you need.  Liability insurance is one of the few real bargains in insurance.  

However, if you have assets and need coverage, the Minneapolis Insurance Specialists Team represents many top rated insurance companies like Travelers and can provide advise and quotes.  Most people are surprised umbrella policies are affordable.



Image courtesy of: Carol (vanhookc)

Photo By Carol (vanhookc)


Umbrella Insurance Calculator

Hackers Hit Another Business: Is your Business Next?

The cyber threat against local business is increasing as attacks skyrocket. It seems like every other day we hear about another business being hit. These are usually large business. However, it’s not merely huge retailers, like Dairy Queen, House Depot and also Target, getting hacked. Simply ask Kevin Stecko, the owner of specialty Tee shirts maker 80sTees. com. In January he was notified by Discover that cardholders utilizing his site had experienced questionable purchases on their accounts. The firm immediately stopped gathering charge card information, generated a forensic examiner as well as called the Trick Solution.

This might be the greatest threat to your business and…Your current policy likely doesn’t cover cyber liability!

There are only two types of companies. Those that have been hacked and those that will be.”

— Robert Mueller, FBI Director, 2012

-FBI has given Cyber-Crime the third highest priority, behind terrorism and counterintelligence.

-Small and medium-sized businesses (SMBs) are a key target for attackers, and 2013 proved no exception to the trend. In 2013, SMBs collectively made up more than half of all targeted attacks at 61 percent – up from 50 percent in 2012. This is per Symantec.

-We have seen a shift in attached from “thrill seeking” hackers to organized criminal organizations where their job is to locate targets and hack them.

-Increasing amount of digital data = rising opportunities for criminal activity: International Data Corporation (IDC) anticipates exponential growth in the digital universe (WiFi networks, mobile devices, shared databases, other).


Cyber Threats InsuranceTypical causes of a data breach. Hacker is the largest but you can also see that many of the things can’t be prevented by a firewall or antivirus software – lost laptop, rogue employee, staff mistake for example….

There are the top five areas where we are seeing losses occur.
-Network security – These are different kinds of viruses that can get into your systems when an employee clicks on a link for example. Example – the email from someone in Nigeria that you’ve won money. Once you click the link, a virus is introduced into your network.

Employee Mistakes – Lost paper files and lost laptop for example.

Denial of Service attack – Attempt to make a network resource unavailable to its intended users.

-Social Media – Media Liability portion of the Cyber policy. Phishing – Attempting to acquire the personal information of someone by posing as a legitimate source. Spear Phishing or Social Engineering (same concept)– Targeting someone particular (CEO of a company for example).

-Hactivisim – Political activist group. A group has some kind of an issue with the politics of an organization so they attempt to infiltrate their systems.

-Cloud computing – Renting of storage space from a third party. Allows companies to access their data from anywhere. Of course this has become a big target from hackers. Companies who run these services generally do a good job of protecting information but still it is a target for criminals to potentially access large amounts of data. Reviewing of contracts is encouraged for your clients. Some have hold harmless language so they don’t take on any liability with a hack.

-A new trend that’s small companies is “ransomware” — software that locks up a computer and forces the user to pay the criminals a fee to unlock it. A similar scam is “scareware,” in which attackers pose as software security firms, warning users that their computer is compromised and prompting them to click to a malicious websites for repairs.

TJ Maxx.

Also have seen earnings and stock prices affected as a result of the bad press.

This should be a real concern for any business.  The good news is there is insurance available.  In most instances it’s very affordable.  If you haven’t had a proper review of your insurance – now would be a good time.  It’s possible to not only get better coverage and lower your costs when you seek out an insurance specialists and not just a quote.

Businesses spend much time and money hiring the right employee – but, little if no time interviewing agents.  We encourage you to call the Insurance Specialists Team and talk with a commercial/tech insurance specialist.  It will be time well spent.  They’ll let you know if you are covered for cyber liability – odds are you’re not covered.

Minneapolis Auto Insurance Guide

This article will help you learn the basics when it comes to buying auto insurance. It will help get you get better coverage and lower prices.

Minneapolis car insurance

Intro: What is Car Insurance?

Auto Insurance is insurance purchased for cars, trucks, motorcycles, and all other land based vehicles. Its primary purpose is to protect you financially against physical damage or bodily injury resulting from accidents like traffic collisions and from the liability that could also arise later on. The specific coverage and terms of vehicle insurance vary with legal regulations from state to state. In some cases, car insurance can include financial protection against theft of you car or even damage to the vehicle that has been sustained from something other than traffic collisions like hail or other weather damage.

Common Types Of Car Insurance:

Liability Coverage: This coverage is used to protect you from liability resulting from accidents you may be liable for or have caused. It’s important to not that most states have minimum liability limits and were set decades ago. These limits may not be enough to protect you and you’re assets. Many insurers use prior liability limits as a rating factor and you could actually get better rates for carrying higher limits and obviously better protection.

Coverage for Your Vehicle:

Collision and comprehensive coverage are optional. However, your auto lender or lease holder may require you to have this coverage until you’ve paid off your vehicle.

Collision coverage helps pay for damages that your car may suffer in an accident.

Comprehensive coverage helps pay if your car is damaged from causes other than a collision. Theft, vandalism, falling objects and hail are commonly covered by this type of coverage as well.

Additional Coverage Options:

In addition to liability, comprehensive and collision coverage, there are other coverage options that can help keep you protected.

Medical payments coverage, for example, can help pay the medical bills you or your passengers incur if you are injured in an accident.

Personal Injury Protection, often called PIP, can also help reimburse you for lost income if you’re unable to work due to an injury that results from a car accident. It may also reimburse you for child care expenses if you’re unable to take care of your children following an injury.

Uninsured and underinsured motorist coverage can help cover your damages caused by someone with limited coverage, or no insurance at all.

Other coverage an auto insurer may offer include towing as well as labor coverage, which helps with the cost of towing your car if it breaks down or gets a flat tire, rental car reimbursement, which can help cover the cost of a rental car while you wait for your covered car repair to be finished, and even sound system coverage for those drivers who install aftermarket stereo equipment in their cars.

Choosing A Car Insurance Company and where to buy:

Choosing the correct coverage is the first step. You must also choose a good car insurance company if you want to maximize the chance that your claims will be paid. Look for the following qualities when choosing your car insurer.

Reasonable and Reputable – Insurance carriers should be reliable and reasonable for the coverage and the prices they charge. Who needs hassle at claim time.  A cheap policy for a good price is not what you need or want. You need and  want the best coverage at the lowest cost.  So, if you ever need it – you have it.  Why pay for anything that falls short and ends up costing you a fortune if you are ever involved in an accident and are short. In some states, there isn’t much difference in price among insurance companies due to state mandates. In most states, however, companies will quote different prices for similar coverage.

Is it better to buy online? – Many online sites just aggregate information and sell it to many agents and insurance companies.  If you buy direct even fro a seemingly reputable company – you become your own agent.  If you make a mistake or need help – you are on your own.  Insurance agents are required to have E&O insurance to protect them and you if a mistake is made.  Why settle for less safety and service? It doesn’t cost you more to have an experienced or good agent either.  It’s all the same.  So, why would you not use a good experienced local independent agent?  Why not an agent who represents many companies – not just one brand. The insurance companies are the only

Miscellaneous Tips: 

Use a local independent agent. They generally have the most experience and represent many companies – not just one.  So, you don’t have to spend all your time shopping and giving your info to who knows.  One thing that most people fail to do is research the agent or company that they purchase insurance from. The better business bureau is one of the best sources to find out if you car insurance company is a reputable organization.  You can also look agents up on many states commerce sites.  Even further, it’s a good idea to check a company’s financial strength (which directly impacts their ability to pay out your claims) through rating services such as A.M. Best. Don’t take advice from uncle cheap skate Charlie or some know it all at someone at work.  Consult an insurance professional.  Most experienced agents will have a designation after their name like AAI, CIC, CPCU.

If you are going to use the internet – use it to check reviews and do research – not to purchase auto insurance.

Minneapolis Auto Insurance Specialists Team