It's easy to see why a business might need a liability policy, but why would an individual? Personal liability policies do exist, and there are reasons why an individual might want this type of coverage. Personal liability policies protect your assets against the possibility of future lawsuits, and accidents that you and your family members may get into.
Protecting Yourself from Accidents
A personal liability policy protects you and your family from accidents that occur even outside of your home. As an example, you could accidentally break something expensive inside of a friend's home. Rather than you being directly responsible for replacing this item, you can initiate a claim with your insurance company.
Mistakes can be very expensive. Consider that you could accidentally injure someone, leading to thousands upon thousands of dollars worth of medical bills. Your personal liability policy will be able to help you. Many policies go up to around $100,000, though the option for additional protection is always available.
Protecting Your Personal Assets
If you don't have a personal liability policy, it's possible that a lawsuit could be levied against you. In the above example, if you broke something in a friend's house, they could go after you in court. If the item exceeded the value of small claims court, you would enter into litigation. You may need to pay legal fees, even if you are found ultimately not responsible for the item.
A personal liability policy will also give you protection for legal expenses related to your liability, which can be significant. In today's society, litigation can occur quite frequently. If you have substantial assets, you may want to take preemptive action to protect them against potential future litigation.
Personal Liability Insurance is Affordable
A personal liability insurance policy can be attached to homeowner's insurance, renter's insurance, and condo owner's insurance. When added to an existing policy, it's extremely affordable. Many policies come with personal liability already attached; you can add more coverage as needed. You can also get an umbrella insurance policy if you feel that you need even more protection.
If you have assets that you want to protect, a personal liability policy is an affordable way to do so. A personal liability policy gives you additional assurances that you will be able to pay for legal issues and accidents that arise in the future, dependent on your policy. For more information about personal liability policies (and other insurance policies), contact Value Plus Insurance.