While many folks look at an umbrella insurance policy and see it as an additional cost, others have actually experienced the responsibility for excessive damage and have either needed it and did not have it, or did have it, and thankfully so. It is not just for the higher class Texans, but anyone who has any type of property should have umbrella insurance, especially if you experience one of these three situations.
Bodily Harm on Your Property
Whether you are having a birthday party, low-key celebration, or friends over for a ball game, the most common situation where your standard liability is not enough for the damages is when a guest is hurt while on the property. In many cases, this is related to faulty porches that cave-in or fall off of the deck surrounding a pool. The damage requires things like surgery, rehabs, and covering the loss of wages since they may be out of work.
Motorcycle or Car Accident
If you have friends with you, and you cause an accident where those with you suffer from severe bodily harm, your liability insurance policy may not be enough. In these cases, just like in your home, your guests may be forced to be out of work or even worse, suffer death. In these cases, their families may be suing for damages that will significantly surpass your policy.
Slander and Libel
Whether you attack another party personally or an employee within your Texas business has done so, the defendant can easily sue you and/or the commercial business for an outstanding amount of money. This can increase even further if their lawyer can prove that they have had significant financial difficulties following the remarks that were made.
If you are a business, auto, or homeowner in Austin, TX, contact The Policy Source today to supplement with umbrella insurance.