Page 28 - Layout 1

BUSINESS

Keep your
Umbrella Handy

From Aspect Wealth Management

In 2015, the U.S. had a record 10.1 million millionaires, up from Deciding whether liability coverage is right for
9.6 million in 2013. While an increase in personal wealth may bring you may be a question of lifestyle. You might
greater financial flexibility; it may also bring greater liability. Indi- consider buying a policy if you:
viduals with high net worth, or those who are perceived to have high
net worth, may be more likely to be sued. And personal injury • Entertain frequently and serve your guests alcohol
claims can reach into the millions. • Operate a business out of your home
• Give interviews that may be published
Umbrella liability insurance is designed to put an extra layer of • Employ uninsured workers on your property
protection between your assets and a potential lawsuit. It provides • Drive a lot of miles or have teenage drivers
coverage over and above existing automobile and homeowner’s in- • Live in a manner that gives the appearance of wealth
surance limits. • Have a dog, especially if the breed is known to be aggressive
• Own jet skis, a boat, motorcycles, or snowmobiles
For example, imagine your teenage son borrows your car and gets
in an accident, seriously injuring the other driver. The accident re- Even if you don’t yet have a tent in the millionaire camp, you
sults in a lawsuit and a $1 million judgment against you. If your car may want to consider the benefits of liability insurance. You don’t
insurance policy has a liability limit of $500,000, that much should have to be a millionaire to be sued for a million dollars. Anyone
be covered. If you have additional umbrella liability coverage, your who is carefully building a financial portfolio may want to limit
policy can be designed to kick in and cover the rest. Without um- their exposure to risk. Umbrella liability can be a fairly inexpensive
brella coverage, you may be responsible for paying the other way to help shelter current assets and future income from the un-
$500,000 out of pocket, which could mean liquidating assets, losing expected.
the equity in your home, or even having your wages garnished.
Aspect Wealth Management has managed portfolios for the Bexar
Umbrella liability insurance is usually sold in increments of $1 County Medical Society for over 15 years. As a member of the society,
million and generally costs just a few hundred dollars a year. It if you would like a complimentary review of your liability insurance,
typically covers a broad range of scenarios including bodily in- please contact Michael Clark or Jeff Allison at 210-268-1500.
juries, property damage caused by you or a member of your
household, even libel, slander, false arrest, and defamation of
character.

NOTE
This is a simplified description of coverage. All statements made are subject to the provisions, exclusions, conditions and limi-

tations of applicable insurance policies. Please refer to actual policy documents for complete details regarding coverage.

28 San Antonio Medicine • September 2016