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Forum
-> Household Management
-> Finances
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amother
OP
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 Thu, Jan 06 2022, 7:11 am
Hi,
Can someone help me out here?
If a friend or employee would sue me for being negligent, what insurance would cover me?
Not that I expect it to happen. I'm just naturally paranoid.
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amother
Poppy
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Thu, Jan 06 2022, 7:12 am
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What industry are you in? You need something specific to your job. And homeowners insurance for your property.
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amother
Copper
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Thu, Jan 06 2022, 7:21 am
You can get an umbrella insurance that covers up to a specific amount.
Umbrella insurance is extra insurance that provides protection beyond existing limits and coverages of other policies. Umbrella insurance can provide coverage for injuries, property damage, certain lawsuits, and personal liability situations.
It is worth it if you have significant assets you're looking to protect from costly liability claims. if the value of your assets exceeds your auto or home liability insurance limits.
(We own umbrella insurance in connection with small real estate investments we have to protect ourselves)
Are you in an industry that required insurance?
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simcha2
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Thu, Jan 06 2022, 7:21 am
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You can buy legal insurance, or an umbrella policy
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amother
Leaf
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Thu, Jan 06 2022, 7:32 am
If you have an employee you need specific insurance for that. in the US you need workman's compensation insurance because a standard homeowner's policy wouldn't cover you.
For "normal" circumstances - suits by non-employees, people get what is called an umbrella policy from the company that you get homeowners' insurance from. My umbrella policy is for $3 million dollars and covers me for everything including excess claims for an automobile accident.
The premium is not that much because it is assumed that your primary insurance would cover you for almost all circumstances.
However that is one reason why people are advised to let their insurance company know if they have a pool or even a trampoline on their property because there might not be coverage in the event of something terrible happening.
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amother
Slategray
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Thu, Jan 06 2022, 7:49 am
Workers comp
Liability
Depends where and what
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