Protect Your Assets With Extra Liability Coverage
These days, it’s not just large companies or high-profile individuals who are at risk of having a lawsuit filed against them. According to the Association of Trial Lawyers of America, civil lawsuits cost the U.S. economy more than $230 billion annually. That’s an average of $809 for every citizen.
Most people are surprised to learn just how vulnerable they are to being sued. They’re also shocked at the potential cost of losing a suit; their homes, their businesses, and most other assets could be wiped out.
The solution is personal liability insurance, which is liability coverage above and beyond what is included in your homeowners, malpractice, or car insurance policies.
You are at risk, if:
- you own your own business, act as a consultant, or are in private practice
- you have investments in land, rental properties, or other important assets
- you hire contractors who don’t have their own liability insurance, or you don’t pay workers’ compensation for your employees
- you have a pool or a trampoline on your property
- you have a teenager – whether he or she is living at home or is away at college, you are responsible for any car accidents or other liability situations your teen might be involved in before he or she reaches the age of adulthood, usually considered to be 18 years old
- you are a member of the board of directors of a corporation or not-for-profit agency
Personal liability insurance is one of the most affordable types of insurance available – typical personal liability policies cost between $200 and $450 annually for coverage of $1 million to $2 million. When you consider the alternative, it’s a great price for peace of mind.
Your insurance advisor can provide you with information on inflation and valuations and help you decide how much personal liability coverage you’ll need.