Broker Check

Get Your Umbrella

| January 11, 2019
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Though you may never face a suit in your life, we all have to admit that we live in an increasingly litigious world. Even that neighbor you always got along with could see an opportunity in an unfortunate event. The wealthier you become, the more asset protection matters. This can be of particular importance for physicians and business owners who face more unique liabilities in their careers. Umbrella policies can cover liability exposure above and beyond your auto and homeowner’s insurance policies’ coverage.

For many, it can offer additional value. It could only cost you a couple hundred dollars a year to increase your coverage into the millions, according to the Insurance Information Institute. Plus, many carriers offer discounts for multiple policies – check with your auto and homeowners insurance carriers to see.1 

If you own rental property, a business, or private practice – speak with a trusted attorney to see if creating an LLC, S-Corp, or PC is beneficial if you don’t have one already. This can help shield personal assets from claims against you professionally.2

Even if you’re not in the millionaires club – there may be reasons to consider both general and professional liability coverage to limit your exposure.

  • If you entertain frequently and serve your guests alcohol
  • If you operate a business out of your home
  • If you employ uninsured workers on your property
  • If you drive a lot or have teenage drivers
  • If you have a dog
  • If you own recreational vehicles – jet skis, four wheelers, boats, motorcycles, snowmobiles
  • If you live in a manner that gives the appearance of wealth
  • If you have a pool or trampoline
  • If you have children

 

1. thestreet.com/story/13919526/5/why-you-should-add-liability-insurance-to-your-new-year-

2. sresolutions.html [1/8/17] 2 entrepreneur.com/article/244627 [5/7/17]

 

Portions of this material were prepared for Marketing on Demand and FMG Suite, use. This is a simplified description of coverage. All statements made are subject to the provisions, exclusions, conditions, and limitations of applicable insurance policies. Please refer to actual policy documents for complete details regarding coverage.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced in part by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state, or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

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