Have you ever been caught out in the rain without an umbrella? If so, I'll bet that you felt really stupid, right? In addition, you got soaking wet and most likely caught a nasty head cold as well. Well, in these uncertain times, it's just as dumb to venture forth without the proper financial "umbrella" to protect your assets from those unexpected financial storms. I'm talking about personal liability insurance. More specifically I'm talking about an umbrella policy, which is a special kind of personal liability insurance that provides you with extra insurance protection. This type of insurance is referred to as an "umbrella" because it brings together various different components that are normally covered by separate professional liability policies.
When it comes to personal liability insurance, an umbrella policy is simply one of the best investments you can make. Not only does this type of policy provide addition coverage above and beyond what is allowed in a traditional policy (for example, if you cause a car accident and are sued, your maximum liability may not cover the amount of the settlement from a lawsuit), but it will often cover things that are not normally addressed in a traditional policy such as a copyright infringement case or a defamation suit. Another benefit of an umbrella policy is the price. Monthly premiums on a seven-figure policy are much cheaper than it would be for a single insurance policy. Depending on the state in which you live, it's not unheard of to carry a four or five million dollar policy for as little as $300 a month.
An umbrella policy is not just for wealthy people either. If you own your own home, run a small business, or drive your own car on a daily basis, you can benefit greatly from an umbrella policy. Besides the low cost of carrying such a policy, it will give you peace of mind knowing that, should you be sued, your assets will be protected from unforeseen and uncontrollable events. Let's say you are away on vacation and a neighbor's child gets badly injured playing on your property. That child's family can sue you even though the incident wasn't your fault. If you have a homeowner's policy that limits liability to an amount far less than what the court says you are liable for, you risk losing everything you own. The same goes for a business where an employee is hurt on the job. Your worker's compensation insurance may not be enough. Companies have been shut down because of insufficient liability protection. If you own a small business, you can't afford to rely solely on a traditional policy.
If you are interested in umbrella protection, you should contact your insurance agent (assuming you use a single agency for all of your insurance needs) to see what he has to offer. Your insurance agent can explain the scope of the coverage and the terms and conditions of the policy. Using a single agency may also result in additional discounts.
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