Dmitriy Fomichenko, President, Sense Financial
It'd be great if you could be a bit specific with your question but I would like to provide a general idea. If you're looking for protection against certain lawsuits, an umbrella policy could do the trick for you. You can purchase an umbrella insurance policy for your personal assets and business alike.
An umbrella policy protects you by adding additional coverage to your homeowner, auto, and similar asset-oriented insurance policies. Further, it offers protection against some specific types of lawsuits. The best thing about a personal umbrella policy is that for a protection coverage worth $1 million, you will pay an annual premium of $150 to $200.
Kathryn B. Hauer, CERTIFIED FINANCIAL PLANNER (TM)
Hi! Dmitriy is exactly right in advising umbrella coverage for personal protection against lawsuits. If you have a business or even a professional hobby, you might also want to look into Errors and Omissions (E and O) insurance to cover mistakes or oversights you might make professionally. E and O insurance is used to insure against lawsuits in these cases.
Insured ASAP Insurance Agency, Insurance Agency
Many types of insurance products are available to protect you or your business against lawsuits.
Auto liability protects you against lawsuits where you are held liable in an auto accident.
In a homeowner's or renter's insurance policy, there is coverage for personal liability. Personal liability coverage would protect you and household residents against liability suits for damages to a third-party by you or your property.
Personal umbrella insurance is just as it sounds, an umbrella of coverage. This very affordable coverage usually "kicks in" when other personal lines product liability limits have been exhausted.
In the business world, commercial general liability is the standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury iability.
Commercial auto liability protects your business and/or drivers against lawsuits where your business is held at fault. Unlike a personal auto liability policy, commercial auto protects claims against your business as well.
Professionals need to look into professional liability insurance, sometimes referred to as Errors and Ommissions (E&O). Professional liability protects companies, their owners and/or workers against claims made by clients for inadequate work or negligent actions.
Commercial umbrella, just like personal liability, is a commercial product that provides an extra layer of coverage over any business insurance policies your business may have in force.
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