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Umbrella insurance, also known as personal liability insurance, can provide coverage when your other insurance isn’t sufficient to cover damages or during certain disputes. This type of insurance can benefit everyone, but it’s particularly crucial for high-net-worth individuals.
Defamation Lawsuits
High-net-worth individuals are more likely to face defamation lawsuits because people perceive them as having more to lose. They believe that they can afford to lose a million or two, and a defamation settlement is a great way for them to make money. Have you ever heard of someone suing a homeless person for defamation?
During lawsuits, Alliance Insurance Partners’ umbrella insurance can help pay for legal fees, ensuring you have the necessary defense to win your case. It can also pay the settlement, ensuring your assets are protected.
Bodily Injury Lawsuits
People with a higher net worth in Scottsdale, AZ are often targets of every type of lawsuit, not just defamation. For example, if someone slips and falls on an icy sidewalk, they can sue you. A person can also sue you if they get injured while swimming in your pool or if their child gets hurt playing at your house.
Additional Protection
Umbrella insurance can also provide protection if your auto or homeowner’s insurance isn’t enough to cover damages or lawsuits. For example, if you get in a car accident and the other person has injuries and personal property damage that exceeds your coverage limits, umbrella insurance will help cover the damages.
The primary purpose of umbrella insurance is to protect your assets. You can enjoy a sense of security, even if you find yourself a target. The agents at Alliance Insurance Partners can help you get the coverage you need. We’re currently serving the Scottsdale, AZ area.
