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Umbrella Insurance: Top Reasons To Have It

personal liability insurance

Humans are known to make mistakes. You may think you’re covered with your home, auto, boat and other insurance coverages. But you may need additional personal liability insurance. Here are some scenarios where a personal umbrella policy can help cover your risks.

High Net Worth

One of the top reasons to invest in personal umbrella insurance is if you have a high net worth. Individuals with assets exceeding that covered by their home or auto policy can be responsible for paying out of pocket over that amount when sued.

Small Business Owners

If you own a small business, you should plan for the worst. A commercial umbrella policy extends beyond a commercial general liability policy to protect the business assets.

Dog Owners

If you own an aggressive dog breed such as a Rottweiler, you may need a personal umbrella policy. Some homeowner’s insurance policies don’t cover dog breeds known to bite people.

Recreational Equipment

Owning a treehouse, pool or trampoline increase your personal liability. Depending on your homeowners insurance policy, these high-risk items may not be covered by the policy. If someone is injured while playing or working around these structures can put you at risk.

If any of these scenarios apply to you, it may be time to talk to your insurance agent about personal liability insurance. One lawsuit can wreak havoc on your personal finances.