Liability coverage is all about financial protection. For this insurance tip, JR discusses liability insurance and getting the appropriate amount of coverage to protect you.
Personal Liability Insurance Coverage
The liability clause of your homeowners’ insurance protects your financial assets in the event that you or another member of your household are legally responsible for damage or bodily injury to another person or their property. For example, if a tree limb from a tree on your property fell onto a neighbor’s property causing damage. Or if someone comes onto your property and gets hurt – such as falling down your stairs – and decides to file a lawsuit against you, liability coverage protects you and your assets.
Make sure you have the appropriate coverage. Coverage typically starts at $100,000 and goes up to $1,000,000, depending on the insurance company you have and your specific situation.
Working From Home and Adequate Coverage
During this time, a lot of people are working from home. Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused bodily injury or property damage to a third party. It’s important to have adequate coverage for those items. Computers, cameras, whatever your work equipment might be, make sure it is covered.
Reach out to your agent to check your liability coverage and if you don’t currently have it, now is a great time to add in a liability clause to your homeowners’ insurance.