Do you have significant assets or are expecting an inheritance or a windfall? Hopefully, you’ve spoken to an asset protection lawyer in Arizona such as Barski Law Firm PLC about shielding your wealth from lawsuits. You should also increase your liability insurance.
Extra Liability Insurance
Insurance is a crucial asset protection tool. Consider having an umbrella insurance policy. The additional coverage will supplement your homeowner, car and any other liability protection.
How Extra Protection Works
An umbrella insurance policy is high liability insurance with high limits of protection. The coverage serves as an “umbrella” over other types of insurance. It extends beyond what’s already covered by the existing insurance policies. The policy can offer an extra layer of security if you’re at risk of claims. It can also protect you against vandalism, invasion of privacy, libel, and slander.
Assessing Your Risk for Lawsuits
You’re an attractive target for lawsuits if you’re a high-net-worth person. An expected inheritance or windfall, appreciation of assets and an increase in income can also enhance the risk for liability lawsuits.
The activities you engage in can increase the chances of lawsuits. For instance, being a landlord or Board member of a nonprofit and volunteering can enhance the risk of claims. You may also attract lawsuits if you entertain frequently or take part in sports such as hunting and skiing.
Choosing the Best Umbrella Policy
Not all umbrella insurance policies are created equal. Make sure you understand the rates, what’s covered, and the exclusions of the policy. Discuss extra liability insurance with your asset protection attorney. The consultation will ensure right and adequate coverage.
Umbrella insurance helps when you’re liable for expenses that extend beyond the coverage of your protection. It picks up the extra liability costs above the limits of other policies. Have enough extra liability insurance if you’re or a soon-to-be affluent or high-risk person.