If you have amassed a significant amount of wealth, then congratulations are in order. In this ultra-competitive world, only a few are able to do so. However, do not sit back and think all is well. Accidents and other unplanned events happen and many a wealthy person has ended up losing significant amounts of what they worked hard to earn.
So, it comes highly recommended for high-net-worth individuals to always have significant umbrella insurance. Sure, you may have decent insurance coverage now, but with the rising costs of lawsuits, repairs, medical care and other things that you may be forced to pay, umbrella insurance is a wise move. These policies are in addition to your current liability coverage.
Are you still unconvinced? Well, keep reading to find out why many high-net-worth individuals have umbrella coverage. Also, consider speaking with the Eichelmann Insurance Agency, which serves the Richardson, TX area, about specific policy options.
Renting Out Property
The internet has made it easier than ever to rent your properties. Users can book from anywhere in the world.
Nevertheless, the renter may not have your best interests at heart. Perhaps they plan to throw a wild party, leading to someone getting seriously injured. Well, guess what? You could very easily be held responsible for their negligent actions.
Hosting Social Functions on Property
High-net-worth families are often expected to host social functions. These events are a means of networking, which is significant for the current and future prospects of you and your family.
Guests can cause any number of problems that result in lawsuits, from slipping and falling to presumably getting food poisoning.
Have a Service Staff
The wealthy often employ others to handle daily household tasks. These workers are a constant source of concern because they can get injured, file harassment suits and sue for higher wages. Extra coverage through umbrella insurance can provide you with peace of mind, knowing you can handle these concerns when they arise.
Get Covered Now
For more information, speak with the compassionate professionals of the Eichelmann Insurance Agency, which serves the Richardson, TX area and beyond. Find out about rates and coverage options to fit your specific needs.