Most insurance policies provide some liability coverage. For example, someone could slip and fall on your property in Braselton, GA, requiring medical care and potentially leading to a lawsuit. However, do your commercial or personal insurance policies offer enough coverage to protect you adequately? Bingham Insurance Group, serving residents of Braselton, GA, can help you determine whether your current policies are sufficient or if you need additional liability coverage.
When Should I Get Additional Liability Coverage?
While there’s no strict rule for when to get additional liability coverage, several common situations may warrant it. Owning significant assets or having a high net worth can make you a target for lawsuits, as some people view wealth as a reason to sue. If you own a high-value home, additional liability insurance may also be worth considering for the same reason.
Other situations that may call for additional liability insurance include:
- Owning a swimming pool or trampoline
- Having specific dog breeds considered dangerous
- Frequently hosting or entertaining guests
- Engaging in volunteering or coaching youth sports
While some of these activities may not seem risky, they can create situations that involve increased liability.
Consider an Umbrella Insurance Policy
Auto, homeowner’s, and many commercial insurance policies provide some liability protection. However, if someone files a serious lawsuit for an injury, the liability limits of these policies may not be sufficient. Many injury-related lawsuits can result in damages that exceed millions of dollars, far surpassing the liability limits of standard insurance policies. An umbrella policy offers an extra layer of protection at a minimal cost. Umbrella policies activate after the liability limits on other policies have been exhausted.
Learn more about how purchasing liability insurance can protect your personal or business interests. Call Bingham Insurance Group, serving residents in Braselton, GA, to schedule an appointment.
