“An umbrella liability policy is one of the most overlooked but important ways to limit your financial risk.”
– Mari Adam
Most employees and small-to-medium business owners have adequate P&C coverage for their business. But when it comes to personal liability, most earners with even a modest amount of savings and property have left themselves open to significant exposure.
An umbrella policy, which insures you over-and-above your liability coverage, kicks in if you injure someone and the damages exceed your protection. With most homeowner or auto policies capping limits at $500,000, an umbrella policy of $1 million or more for less than $200 a year is a smart move.