With greater wealth comes increased chances of lawsuits, liabilities, and legal costs. Fortunately, excess liability insurance offers protections and solutions that safeguard your assets and your overall financial well-being. If you’re new to the need for increased protection, here are a few ways this crucial type of coverage will benefit you.

The Importance of an Excess Liability Policy

1. Have Liability Limits Equal to the Risks You Face

An average insurance policy has limits to the amount of liability protection it offers. For an individual with substantial income or assets, these limits are likely not commensurate with the losses they could potentially face in a lawsuit. An excess liability policy accounts for this discrepancy by increasing liability amounts, bringing them more in line with the policyholder's greater needs and the increased exposure that could accompany a legal issue.

2. The Cost of Coverage Is a Small Price to Pay

The cost of excess liability insurance is inexpensive when compared to the financial risk of a lawsuit. You could realistically have safeguards in place for amounts in the tens of millions of dollars in exchange for a low policy overhead. Your provider can tailor a plan that takes your specific financial needs into account, but, ultimately, the price of the policy is small in relation to what could be lost without it.

3. Get Additional Coverage for Losses Not Included in a Primary Policy

Many excess liability insurance plans will include losses that your primary policy will not cover, which only adds further protection and peace of mind. For instance, your excess liability plan might cover a personal lawsuit claim of slander or libel on social media—a rising problem against bloggers, journalists, and even teens. In the end, the excess liability policy could bring you substantial savings.

The Seeman Holtz Family of Companies provides clients nationwide with comprehensive excess liability insurance coverage. Their financial advisors also offer risk management strategies and property analyses to ensure you find the most beneficial types of coverage for the range of assets you hold. The firm is dedicated to protecting all you've worked for and ensuring financial peace of mind. Call (800) 991-3592 or visit them online to schedule an appointment today.