Rand Insurance | Spring 2022 Insights

What is Umbrella Insurance and Why It’s Important

WHAT IS UMBRELLA INSURANCE?
Umbrella insurance is a type of supplemental insurance that can be added to your existing personal insurance coverage. This added layer of protection against different elements of risk, provides excess liability above the limits of your basic auto and homeowners insurance, for example.

WHAT DOES UMBRELLA INSURANCE COVER THAT MY OTHER POLICIES DO NOT?
Much like the homeowner who was sued for the head injury of a visitor that occurred in her backyard, you could also find yourself engaged in a lawsuit one day. If you are involved in an accident, or if one happens on your property, the liability coverage from either your homeowners, auto or other insurance policy (depending on the type of accident) may kick in. If the damages exceed what your base policy covers, your umbrella coverage can help you pay the rest of what you owe. Umbrella insurance can also provide your family with:
• Personal injury coverage (defamation of character, invasion of privacy, libel, slander)
• Defense coverage for attorney fees and other legal costs.

Personal umbrella insurance does not cover business losses, contract disputes, personal belongings, criminal or intentional acts.

If you are a small business owner, you know how much an accident or litigation can be devastating to your organization. That is why you’ve done your due diligence and taken out insurance to help protect your business against various risks like personal injuries, property damage and auto accidents; however, chances are your insurance policies come with a liability limit. When that limit is exceeded, you could find yourself footing the remainder of the bill out of your own pocket. That’s where umbrella insurance comes in.

Talk with your Rand Insurance account manager to learn more about umbrella insurance.

Boat and Yacht Insurance

Not all boat insurance is the same! With warmer weather just around the corner, now is a great time to review what type of coverage is best for you and your watercraft.

Boat insurance covers loss or damage to your boat and helps protect you financially for injuries or damage caused by covered mishaps. In addition, liability coverage can help protect you if you cause injury to others or their property while using your boat. Medical payments coverage provides reimbursement for injuries to you and your guests. Boat insurance can even cover on-water towing.

Boat insurance costs will vary based on the state where you use your boat and the coverage options you select. For instance, agreed value policies will generally cost more than actual cash value policies. If keeping costs down is a priority, choosing a higher deductible can reduce your policy premium.

Your Rand account manager will guide you so as to ensure smooth sailing by being properly protected before you head out on the water.

People & Employees are Returning to Businesses: Are You Ready?

Hazards to Be Aware of as you Prepare Your Business for Employees and Patrons Return

As people return to your business, there could be an increase for injury due to slips, trips and falls. Many can be avoided with an effective slip, trip and fall prevention program. It is important to recognize and address the major walking surface hazards that may lead to these types of injuries.

These hazards include:

• Slippery surfaces, such as gloss-finished tile, polished stone, etc.
• Holes or surfaces in disrepair.
• Uneven surfaces.
• Changes in elevation.
• Poorly marked and/or poorly lit walkway transitions.
• Wet surfaces, including those caused by spills, poor drainage and inclement weather.

You should also routinely:

• Inspect and maintain emergency lighting and illuminated exit signs.
• Keep all exits, including emergency exits, clear and doors unlocked.
• Ensure evacuation paths are conspicuous and unimpeded.
• Communicate and post your emergency evacuation floor plan and procedure in a conspicuous location.
• Maintain existing sprinkler and fire detection systems to code.

Ensuring the public has safe egress from your building in the event of a fire or other emergency is critical. Start by clearly marking all emergency exits so tenants, visitors, customers and others have the ability to locate the nearest escape route in an emergency.

Compliments of Rand Insurance – a member of the EACCNY.