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Nobody likes to face a legal challenge, but all too often such unfortunate circumstances can become a very real problem, especially for business owners and anyone with any type of valuable property or other assets. And the more someone owns, the more likely they are to face at least one lawsuit for almost any reason in their lifetime. Even if court proceedings are dubious, the costs of legal defense can be high.
However, a good umbrella plan can protect against lawsuits and other liabilities arising from business practices, use of property, and other factors. Such policies were created to pay for what auto, home, watercraft and other types of insurance coverages fail to do when their policy limits are reached in the event someone suffers damage, injury or death as a result of the use of the insured items.
And umbrella coverage is considered one of the best insurance values, as they offer at least $1 million in protection for typically less than $200 a year. And every additional $1 million in coverage is generally available for about $100 more per year. Because such policies are secondary and only take effect when existing insurance plans have exhausted their applicable coverage limits, most plans are rarely used and are very affordable.
The more someone owns, such as a business, large house, acres of land, or other types of property and assets, the more he or she could lose if he or she is sued for any reason. And if you own a watercraft and regularly take friends and others on water excursions, there is a very real possibility that someone could potentially fall overboard or be seriously injured if use of the watercraft results in death or disabling injury. And that means a fierce lawsuit could be filed that could easily bankrupt the insured if they weren’t fully protected.
But even those who don’t have large assets could find themselves in costly lawsuits and face potential judgments far larger than they could ever afford without solid protection. If someone crashes while driving and suffers a permanent disability that prevents him or her from ever working again, even a middle-class worker could win a large sum in a lawsuit that could easily exceed the amount the defendant is getting could afford in his lifetime. But for just a few hundred dollars or more a year, that person could be protected with an umbrella insurance plan.
So if you’re looking for the best way to get affordable coverage to protect yourself from potential bankruptcy or permanent financial hardship as a result of a court settlement, a good umbrella policy will meet most people’s needs for the least amount of money.
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