It seems as though the wealthier an individual is, the higher the risk of being sued. It’s just one of the downsides of being affluent, especially if that person is also a business owner. In opportunistic lawsuits, primary policies like standard car insurance, home insurance and a business owner’s policy do not fully protect a client who has a substantial amount of assets. Also, personal injury is often not covered by those primary policies.

Relative to what a client is at risk of losing in a lawsuit, the cost of umbrella coverage is inexpensive. It’s especially cheap compared with primary policy prices and raised limits on those policies. Even if someone’s car insurance were set at the highest limits, say $250,000/500,000/$100,000, if that person were involved in a gravely serious car accident with several passengers involved, that limit simply would not cover the losses and medical bills. Trouble like this doesn’t happen often, but when it does, it hits hard.
 
 
Read more from source article >