Personal Liability Insurance Policy Is An Affordable Enhancement To Protect Your Assets

People in other lines of work probably have lots of stories about their heroic deeds. I’m sure firemen go home and tell their kids about the house they saved when a fire broke out in someone’s attic. And veterinarians can talk about the puppy they rescued after he ate his owner’s leather boots.

But people who wear ties and go to work go to work in offices don’t get to save the day very often. Unless they’re in the insurance industry. Seriously. One of the best things about people who work in the insurance field is that we can provide hope and practical help on people’s worst days.

Here’s an example. A young family that was just moving into their first home met with us to talk about insurance. The husband earned minimum wage, and the wife just a little more than that operating a home business. Even though they didn’t have much disposable income, they understood that they needed coverage for their home and business.

In addition to helping them choose homeowners and business insurance, we talked to them about the importance of personal liability insurance. And that ended up making a huge difference in their lives.

What is personal liability insurance?

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Basically, personal liability insurance helps protect your assets if somebody gets hurt on your property. Some companies call it “third party” insurance because it covers you if a third party files a claim against you. If someone falls on your front steps, or one of your children kicks a soccer ball through a neighbor’s window and damages her computer you could be held responsible for the damages. Say you have a Christmas party at which you serve food and alcohol. If one of your guests crashes his car on his way home, you could end up being sued because he had alcohol at your home before the accident.

If you have personal liability coverage, the insurance company will defend you if you are sued; the policy could also pay damages to the injured party.  This was the case for the young couple described above. Part of their deck collapsed during a neighborhood barbecue. The deck was only two feet off the ground, but one person broke his arm when he fell.  His medical insurer sued the homeowners to recover the cost of his medical treatment and rehabilitation. Because the homeowners followed our advice to add personal liability insurance to their homeowners’ policy, they were covered for this accident. If they hadn’t been, they could have had to pay thousands of dollars for their guest’s medical expenses.

Do I need personal liability insurance?

 

When you think about all the things that could go wrong at your house, it seems like a no-brainer to get personal liability insurance. Personal liability insurance policy is a great buy – experts estimate that adding a $1 million personal liability “umbrella” to your homeowner’s policy will cost about $15 per month. Now, no personal liability policy will cover every situation but a minimum policy will go a long way should an incident arise. So protect you assets and future income with a personal liability policy.

Peter Green Insurance Agency business insurance knowledge serves us well in understanding the risks related to personal personal insurance. Extend homeowners insurance coverage today. Visit our website , or better, give us a call today at 888.725.7776 or 714.258.2800.

Personal liability insurance saved the day for this young couple.  Maybe it’s not as exciting as keeping a house from burning down or saving a puppy, but it’s just as satisfying. Insurance is an investment in your peace of mind, and we’re always happy when we get a chance to help people.