Minding Your Business
Articles for Entrepreneurs & Those Who Serve Them
The Importance of Personal Umbrella Policies
Savvy business owners regularly assess their company’s potential liabilities and risks. Unfortunately those same savvy business owners are largely unaware and rarely address a key component of their individual wealth protection plan – their personal umbrella policy.
Ask yourself, do you have enough personal liability insurance to protect you and your family from larger claims and lawsuits, if:
- Your child causes a serious car accident.
- Someone is hurt at your home and claims negligence.
- Your dog attacks a stranger on your property.
- An unfortunate incident that is a result of your less-than-best judgement!
This month’s brief article provides a general rule of thumb of how much personal umbrella coverage you should consider obtaining. Contact us for an audit of your existing coverage and to learn if you have any insurance blind spots.
For more information on how Fairport inspires business owners and their families, contact:
Andrew R. Connors, CFP®, CEPA
Business Owner Leader
Partner, Fairport LLC