Purchasing the maximum amount of liability coverage offered will provide the greatest protection. Increasing deductibles and limiting add-ons to the policy can offset the additional cost associated with increased liability insurance coverage. When purchasing homeowners insurance, consider the fair market value and replacement cost of the home. Evaluate the value of all personal property, including artwork, stamp and coin collections, antiques, and jewelry. Among the potential liabilities associated with the ownership or rental of property are accidents that may occur on the property.
Corporations often purchase personal liability insurance for members of the board of directors.
Additionally, these workers could cause damages that result in assessments against the employer. Individuals involved in certain professional activities purchase specialized liability insurance. Professional activities include services provided by accountants, doctors, lawyers, newspaper employees, and public officials, as well as services provided by any other professional who may be exposed to lawsuits. These are some thoughts to consider about personal liability insurance. Your financial and insurance advisors can provide more information and should be consulted before any action is taken.