Protect Your Assets from Lawsuits with Umbrella Insurance
Posted by on Aug 10, 2011 | No Comments »
We live in a litigious age. People have become increasingly quick to file lawsuits, and many juries are willing to grant outrageous settlements that include not only actual damages, but pain and suffering as well. Legal costs are high, and the overall stress and expense of lawsuit can be overwhelming. One of the reasons we purchase insurance, for our cars, our homes and our businesses, is to protect ourselves against legal liability. What you may not realize, though, is that your current insurance policy might not be enough to protect you.
Read through your insurance policy, taking note of the policy limits on various types of coverage. Ask yourself if the amount there is really enough to meet your needs in the event of a lawsuit. Consider car insurance, for instance. If you’re in an accident that is judged to be your fault and the other party is seriously injured, you are liable for all his or her medical expenses. Medical care is not cheap, and if the treatments include hospitalization, surgery and long term therapy, you could easily find your insurance exhausted within a month or two and anything after that you are personally responsible to pay for.
If you own a small business your liability exposure is even greater, as any disgruntled customer could chose to sue you, rightly or not. Even frivolous suits are expensive, and the structure of a small business means that your personal assets, your home and your savings, can be seized to pay any judgments.
The solution to these types of concerns is to purchase an umbrella insurance policy that will increase your policy limits by a substantial sum. Umbrella insurance is not usually expensive, as it is designed to only kick in when your primary insurance gets used up. It can provide you with considerable peace of mind, knowing that the things you have worked so hard for are not going to be destroyed by a single mistake or fluke of fortune. Don’t make the mistake of trusting your personal assets to the goodwill of other people; protect yourself, and your family, with an umbrella insurance policy.
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Tags: Umbrella Insurance