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Liability Insurance: Protect Yourself Against Hidden Exposures


Today in the US, multimillion dollar lawsuits are more common than ever before, and affluent individuals, families, and family offices may find themselves targets of expensive, high-stake liability lawsuits.

There are many reasons someone might legitimately have a large claim against you for personal damages. These can include a fatality or catastrophic injury in an auto accident, accidental injury that occurs on your property, or accidental damage that you cause to someone else’s property. Even reputational damage you may cause by a careless public remark or hasty online post can create liability on your part.

Some individuals believe that a $1 million excess liability or umbrella policy will give them the protection they need if they ever find themselves defendants in a lawsuit. However, average personal injury judgments have exceeded $1 million*, and settlements can affect an individual’s savings, assets, and even future earnings. Most affluent individuals need far more than $1 million in excess liability protection to adequately secure their assets and future income. For example, a civil case was recently settled in Florida for $46 million where a wealthy Floridian was involved in an accident resulting in a fatality. If something like this happened to you, would you have enough liability coverage in place to offer adequate protection?

In addition to making sure you have adequate limits of liability protection in place, individuals should also be aware that additional coverage is needed to address other exposures such has having an employee or serving on a board. 

The need for holistic liability protection is an important concern.  Read more about liability insurance and some of the most common sources of risk in our latest white paper.

*Thomson Reuters, Current Award Trends in Personal Injury, 55th edition, 2014