When you hear the term, “liability insurance,” you probably automatically think of it as something that businesses carry. In actuality, liability insurance is something that every individual should have as a means of added protection. You may already have some personal liability coverage and not even know it. If you have car insurance or home owners insurance, there is a little bit of personal liability that is included in those. If you want real coverage, these are not enough as the personal liability coverage offered is very minimal.
Personal liability helps give you peace of mind and allows for you to make human mistakes without having to pay for them for the rest of your life. We’ll cover the what, how, and how much of personal liability insurance and let you decide for yourself if it’s important to you.
What Does Personal Liability Insurance Cover?
Just like with business policies, personal liability insurance will cover any damage or injuries that you are personally liable for. You may think that this only includes being responsible for a car accident or starting a fire in your home, but it goes beyond that. If you invite someone to your home and they slip and fall, you are personally liable. Say they break a bone or suffer a concussion; they can come after you for the medical costs incurred. Personal liability lets you breathe a little easier knowing that you do not have to come up with thousands of dollars out of pocket, or lose a good friend over something like this.
Cost of personal liability insurance
Certain careers also merit the need for personal liability insurance; personal training being one of the biggest. A liability insurance personal trainer protects you from being held responsible for costs if your clients are ever injured during a session. You and your assets are completely protected by personal liability insurance. No matter what the damage or injury, if you are in any way personally liable, your policy will cover it.
How Do I Get Liability Insurance?
Getting personal liability insurance is the same as getting any other type of insurance. First, know what you are looking for and then start looking for companies to get it from. Two good places to start looking would be either with the agent who carries any policies that you currently have, or online. An online search will provide you with more information about the policies as well as give you an idea of the rates you can expect. Many insurance agencies provide discounts for bundling all of your policies, so you may get really great rates by going through your current agent.
What is the Cost of Personal Liability Insurance?
An umbrella policy is good personal liability to have in place, and is fairly inexpensive. An umbrella policy is added personal liability coverage that is in place once your other coverage is used up. Think of it as insurance on your insurance. Because the occasion rarely arises that an umbrella needs to be used, they are available at excellent prices. Most umbrella policies can offer $1 million worth of coverage for less than $200.00 per year.
Please read also about Commercial liability insurance