Many people think that umbrella insurance is great coverage because it will ‘fill in the gaps’ and cover me if my regular auto, home owners or rental insurance doesn’t cover me- WRONG. Umbrella insurance is built to be there for ‘excess’ claims that might exceed your regularly insurance policy. Moreover, the umbrella policies oftentimes have very specific provisions that it won’t pay out any benefits until primary policy in place has been exhausted.

Now I want to discuss the liability created by our personal actions that could threaten our business or assets. I call this “Outside Liability”- Exposure created outside our business that could allow a creditor to take our business from us.