Does Umbrella Insurance Cover Damages Caused By A Fleet Vehicle?

The agents of Smart Way Insurance Agency can offer advice to business owners in Sandy, UT who have questions concerning their fleet of vehicles. One of the biggest concerns has to do with how they will cover the cost associated with an accident if their driver is at fault. While their fleet insurance will absorb much of the cost, the amount set aside for liability may not be enough to cover the other driver’s injuries. This is where umbrella insurance is beneficial.

Fleet Insurance

Fleet insurance is purchased to cover vehicles that are used during the daily operation of a business. It repairs damage caused by accidents and will cover the cost of liability within certain limits. These limits are decided upon when the policy is purchased and cover every vehicle within the fleet. If a company vehicle is involved in an accident, the fleet insurance will pay up until the agreed-upon limits.

Liability

Umbrella policies work by picking up the additional costs that are incurred above the limits of other types of commercial policies. This keeps a business from suffering financially if an accident drains the entire amount of coverage and still leaves some debts unpaid. An umbrella policy must be purchased in addition to traditional forms of commercial insurance to ensure sufficient coverage.

At Smart Way Insurance Agency, each agent is well-versed in commercial insurance as well as umbrella policies that are designed to fully protect a business’s financial future. If you live in or near Sandy, UT, call and schedule an appointment to have your umbrella insurance policy reviewed and updated if necessary. Making sure your business is fully protected is what it’s all about!

Is Going With a Lower-cost Health Plan Always the Best Option?

When you sign up for health insurance through the Affordable Care Act, you choose from four levels of coverage—generally called “metal levels.” From the cheapest to the most expensive, the levels are Bronze, Silver, Gold, and Platinum. Bronze coverage has the lowest cost but has the highest out of pocket costs. However, all metal levels provide the same benefits, coverage for maternity care, hospitalizations, prescription drug costs, and many other expenses. If you’re in need of immediate, accurate information regarding health insurance, your best plan of action is talking to a knowledgeable professional, such as Smart Way Insurance Agency that serves the Sandy, UT area.

Differences Between the Metal Levels

Here’s a quick explanation of the differences between the various insurance plan levels:

  • Bronze: covers about 60 percent of health care costs
  • Silver: covers about 70 percent of health care costs
  • Gold: covers about 80 percent of health care costs
  • Platinum: covers about 90 percent of health care costs

There’s also something known as a “catastrophic” plan, offered for people under 30. It costs less than a bronze plan but doesn’t give you access to premium discounts. A catastrophic plan requires you to pay for all medical costs until you reach a certain limit, and then the provider pays all the costs of essential health care benefits.

How to Decide Between a Low-cost Plan or a More Expensive Option

If you have money saved away for medical expenses or have access to disposable cash, a low-cost plan may be a good option for you, especially if you’re young and don’t have existing or predisposed health issues. However, the topic is quite complicated, and making an ideal decision requires a detailed evaluation of your financial situation, future plans, the ability to qualify for subsidies, and much more. Don’t take chances when it comes to something as important as you and your family’s health. Call Smart Way Insurance Agency—serving the Sandy, UT area—and discuss your situation with an educated agent who can provide you with up-to-date, accurate information.