“There is no need to purchase liability limits higher than my net worth.”
This is a slightly smarter version of last week’s “lie”, which you can see here. A person’s net worth is the value of all they own minus all they owe; why should it be the magic number…that’s not all the attorney is going to ask the court to award. More than one individual with a net worth of $250,000 (for example) has lost a $1 million (or more) negligence suit. A key rule of risk management is, “don’t risk a lot for a little.” Umbrella and excess policies are very inexpensive, bordering on cheap, compared to the limits that can be purchased – invest a small amount of money in the large amount of protection. (Credit again to Christopher J. Boggs, Insurance Journal)
Interested in learning more about Umbrella coverage and rates? Call 877-446-BECK (2325), email us at firstname.lastname@example.org, or submit your request for a quote here.
See you next week!