Trivial lawsuits and bizarre settlements recently got the public riled up when a judge sued a small, family-owned dry cleaner for $65 million because they lost a pair of his pants. This just goes to show that small businesses are just as vulnerable to deceptive claims as their competitors. A study by NERA Economic Consulting showed that small companies pay for 69% of civil lawsuit liability expenses, although they produce roughly 19% of business income.
Not a small company owner or big business administrator? You can possibly still deal with great loss of assets from damages and court expenses in a liability claim. You obtain some protection from your homeowners, renters and auto insurance, but every policy has limitations and your policies could leave you exposed where you least expect it.
Umbrella policies dispense extra, coverage overall beyond these specific policies. Usually the amounts range from $1 million to $5 million and cover any loss past what your other policies will pay. The coverage is not bound to your property or vehicle so it can go where you go. It typically does not cover business activities, even if its a home-operated business.
The need for personal liability insurance can depend on two different factors: the amount of equity you have and the risks that are associated with your particular lifestyle. Is there a pool on your property? Allow hunting on your farm or ranch? Have people employed at your home like a nanny or housekeeper? These factors can expose you to risks that go past those policies of a typical homeowner.
Do other factors make you a victim for lawsuits? Even crazy claims might cost you time and emotional agony. If people are aware of your assets, recent inheritance, land holdings, or salary – or even mistaken assumptions about these things – could very well bring out claims from the classic slip and fall to more involved deceptions.
Commonly, umbrella liability coverage extends to your spouse, your children and relatives that also live in your house, under your care or being cared for by someone living with you. That can be a comforting reassurance when you have teenagers driving or college students living away from home.
Umbrella liability insurance can guard what you have put away for a rainy day. Your financial advisor or insurance expert could help you take a look at your current coverages and possible risks to decide how large your umbrella has to be.
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