If you are a Baton Rouge, LA resident, you probably know how expensive lawsuits can get. While most insurance comes with liability coverages to protect you against significant financial losses, most have limits. That is where umbrella insurance comes in–which protects you and your family against major financial crises. At Cordell Insurance, we encourage everyone to buy umbrella insurance as it comes with many benefits. However, some individuals need this policy more than others. They include the following:
Umbrella insurance is a particularly valuable tool for wealthy households as these homes tend to be lawsuit targets. Big homes with ponds, trampolines, and swimming pools can quickly attract lawsuits, especially from visitors. Additionally, if you own pets and other domestic animals, you may need to have enough insurance just in case they stray to your neighbor’s compound and cause damage.
Large families, especially those with children below the ages of 18, require adequate umbrella insurance to protect the family from financial losses due to damage, injuries, or lawsuits. For instance, teenagers tend to engage in dangerous activities at home, such as throwing parties in your home in your absence. Such behavior could result in painful lawsuits that can leave you broke.
Asset owners in Baton Rouge LA have a high public profile. They also have a large number of employees which exposes them to lawsuits. Assets attract a lot of attention, especially if these assets involve dealing with a large number of people. For instance, if you own a number of residential and commercial properties, you are at risk or getting slapped with a lawsuit by your tenants. That is where the umbrella policy comes in.
Like asset owners, business owners deal with people from all walks of life. If you operate a restaurant, the chances of getting threatened or actually getting sued are higher than businesses that don’t deal with clients directly.
Feel free to contact Cordell Insurance for all your insurance needs!