What Liability Limits Do I Need?

 

What Liability Limits Do I Need?

Art Glasgow, Peck-Glasgow Insurance

 

Frequently we are asked by clients, “what liability limits do I need”? 

 

Let me begin by stating, there is no formula, rule of thumb, or guide that is used to determine your liability insurance needs.  A good starting point is to have an in depth discussion of your needs with a professional Independent Insurance agent that is caring, concerned and trained in protecting individuals and business. 

 

Discuss and consider points such as…..how large are your assets, are you a high profile individual, how much can you loose if you are legally liable for another person’s personal injury or property damage.  Medical cost, property damage repair to automobiles, dwellings, boats, etc… can be very expensive.  In fact most people have never considered the expense they could be forced to pay if they are personally liable for losses they may cause, at home, operating a boat, motorcycle, or automobile. 

 

In Alabama courts, defendants that have been found liable for injury in many cases are forced to liquidate bank accounts, land holding and personal property to meet the judgement handed down.  The GOOD NEWS is that liability insurance is cheap!  It is very inexpensive to carry higher limits on your auto, home, boat and motorcycle insurance policies.  In fact personal umbrella policies can even increase that coverage by millions of dollars.

Since liability insurance is not expensive, talk to an agent today about increasing your auto and home insurance liability limits.  It is easy to do, and you can rest better knowing you are better protected.  If you have not had that conversation, call Peck-Glasgow agency today for a free review of your coverages.