Personal Liability Insurance Provides Peace of Mind
If you’ve had the chance to read through KW’s words of wisdom in the blog post, “Alan’s 10 Commandments for Success,” then you know that one of our company’s essential truths is: Don’t Take Unnecessary Risks!
This smart philosophy is based on more than 90 years of insurance industry experience advising generations of Greater Boston area individuals and families, like you and yours, on all of their personal insurance needs. And when you’re as knowledgeable and wise about insurance as KW is, then you know that a Personal Liability policy, aka Personal Umbrella Insurance, is an excellent option to reduce the risk of financial hardship resulting from a major or even a minor accident.
However, if you’re just getting started on building your insurance portfolio, you may have some questions about this coverage and how it may benefit you. Your KW team is here to provide you with five of the most sensible reasons to add a personal umbrella policy to your insurance plan:
- If you are ever sued, the likelihood that it will be for a few dollars is very, very slim. Whether you are found at-fault for a multi-car accident, or your contractor hurts him or herself on your property, or your dog bites someone, you could be on the hook for several hundred thousand dollars in medical, legal and property damage expenses. While the underlying liability coverage in your homeowners, renters, condo or auto policy may cover part of the cash outlay, it’s your personal umbrella policy that will provide the coverage above and beyond those limits. And in the case of most lawsuits where you are found at fault, you are going to need this extra cushion to take care of any claims and related fees.
- Do you or a family member use social media? Silly question, we know you do! More and more, we all use Facebook, LinkedIn, Twitter, Snapchat and Instagram to give our frank opinions about people, places and products or services. But your comments, even if you are just repeating what everyone else is saying, could be construed as defamatory, putting yourself at risk for libel or slander claims. Once again, your personal umbrella insurance policy could come to the rescue by filling in the gaps left by your other personal insurance policies and providing coverage for an incident like this.
- Your insurance company will have your back. Even if a lawsuit against you is groundless, associated fees to defend yourself can still empty your bank account in a hurry. When you have the proper umbrella insurance policy, though, your money is never at risk. It’s your insurance provider who carries the financial responsibility and thus they will put their best “muscle” (AKA corporate lawyers) on your side. In other words, a majority of your defense costs will most likely be covered as part of the umbrella policy.
- The cost value proposition is really compelling! Suppose you had a choice between: (a) spending a few hundred dollars now for $1 million of umbrella coverage that will always be there to safeguard you and your assets; or (b) holding your breath waiting to see if you, a family member, or a pet ends up causing a serious injury or extensive damage and having to shell out $1 million dollars of your own hard-earned money. Which would you choose? Maybe the risk-takers out there will choose Option B, but those of us who are much more practical and wise about life, will go with Option A. Why does having personal umbrella insurance make so much sense? For less than $25 a month, you buy yourself peace of mind, which in our perspective is priceless.
- Check one more thing off your list of things to worry about. While the likelihood of a catastrophic event occurring may seem low, let’s all admit that we’ve had some sleepless nights thinking about all the things that can happen to us or a family member. Well now you have something really simple you can do to put these concerns to rest once and for all. Adding a personal umbrella insurance policy to a new or existing policy is as easy as giving your KW agent a call today. Of course, we would enjoy face-to-face time with you, but it’s not necessary, as we’ve made this process incredibly turnkey with no extra forms to fill out. That being said, it’s not so foolproof that you want to search for a personal umbrella policy with a general online provider. There are some intricacies to purchasing this policy and your insurance professional needs to carefully review your auto and home insurance policies to make sure you qualify for personal umbrella coverage.
The KW Insurance team believes that to be the best insurance partner we need to always give you our straightforward and authentic perspective on everything related to your personal insurance needs. That includes discussing what we believe to be your biggest risks. At your convenience, it would be our pleasure to meet with you, review your current policies at no cost or obligation to you, and share more wisdom about the benefits of having a personal umbrella policy.
Request a Free Consultation for Personal Umbrella Insurance Today
Stop into either of our two convenient offices in Cambridge or Dedham MA. Or give us a call today at 617.492.4150 (Cambridge) or 781.751.9080 (Dedham).
Haven’t read Alan’s Commandments blog yet? There are nine other thoughtful and provoking life lessons from KW’s all-knowing leader, Alan Issokson, that are relevant to all insureds. Read it here.