Many of the insurance solutions you have already – for home, car, boat, etc. – do include what, at first glance, seems to be a fair amount of liability coverage. For example, a risk management resource, like Fred C. Church, generally advocates for homeowners to have at least $500,000 in personal liability built into their home insurance policy. That should be enough to cover you if you’re sued for an injury that happens at your house, right? In reality, defense attorneys’ fees alone could be several hundred thousand dollars. In addition, legal fees won’t be your only costs if you are sued; you will likely have expenses related to medical treatment for claimants and possibly judgments against you or settlements that you will have to pay. Perhaps you will even want to hire a public relations firm if you’ve been sued and have a high profile in the community.
Because the costs of a lawsuit can quickly max out your basic personal liability coverage limits, it’s essential to have an umbrella policy in place to supplement your protection. However, which umbrella policy is right for you and what amount of coverage to choose will depend on a variety of factors. Decisions like these are easier to make when you have the professional team at Fred C. Church assisting you. We will help you understand your umbrella insurance options and assist you in selecting the proper policy based on where you live, your profession and current income stream, your aversion to risk, your physical and financial assets, and more.