Insurance: The Cornerstone of Your Future Wealth

Posted by Matt Simon on Oct 14, 2009

There are many facets to a sound, complete financial plan, and there are as many goals as there are individuals who plan for the future... every one unique.

But one thing you should never lose sight of in your financial dreams and planning is basic asset protection.  It might not be sexy, but it's the cornerstone of your future wealth.

So, it's important to consider some of the things you might not think of as financial planning, but are important to a solid foundation of wealth.  For example, the liability limits on your basic property and casualty insurance policies - auto insurance, homeowners insurance, etc.

Here's a trick question... if you are found liable (meaning a judge or jury decides that you're at fault) for the injuries or death of others in a car accident, how much do you think you'll be sued for?  A hundred thousand?  A million?  Five million?

The answer you have to be prepared for is "everything they can get."

Now consider another hypothetical question, if John Q. Public has assets worth $500,000 and insurance limits of $100,000, and he loses a liability suit against him, do you think an attorney is going to go after his personal assets?  You can count on it!  Why?  He should have had more insurance will be the justification.

So, what's your situation?  What are you worth and how much liability insurance do you have?  Are you leaving yourself wide open to an attack on your personal and/or business assets?

Liability insurance is cheap compared to the alternative of losing a lawsuit without it.  So, if you're not 100% confident that you have enough insurance to keep the lawyers out of your personal pockets, then let us know.  We'll be happy to review your situation with you and help you get the protection you need.

 

Cyber & Data Liability Insurance eBook

Category: Consumer Tips (1)