Umbrella insurance is there to protect you from the storm.
Has a lawsuit ever threatened your livelihood? As business owners and individuals, we know that liabilities quickly turn into a multi-million dollar lawsuit, rendering our finances obsolete. Whether your net worth is above average or below average, high and multi-million dollar lawsuits can happen to you. Cases are heard in court every day when an auto accident, slip and fall claims, and dog bites get out of control, costing individuals hundreds of thousands of dollars. Liability insurance is there to protect you from lawsuits.
Find out how else you can keep multi-million dollar lawsuits at bay:
Secure liability insurance.
An insurance agency that is experienced in personal property is going to be an excellent resource. If you’re a high-net-worth individual, it’s important to find an insurer that will work with your lifestyle needs and assets.
Understand the details of each policy.
Never choose a policy based solely on the bottom-line cost. If you need to cash in on your policy, you’ll be thankful that you opted for coverage over price. With that said, ensure that you read the fine print and understand what your policy covers and doesn’t.
Choose a policy based on a worst-case scenario.
In the case of lifelong disability, a judgment may reach into the tens of millions. Your coverage limits should reach this amount to cover attorney fees, payouts, and other financial commitments.
Protect yourself first.
Do a safety check of your home, lifestyle, and business. If possible, have a safety expert visit your home and place of work to evaluate the facets of your life that may be leaving you vulnerable to liability suits. These include owning a boat, trampoline, swimming pool, and pets.