Did you know that in insurance terminology an umbrella is a reference to blanket liability coverage?
I suggest that families or businesses have enough liability insurance to cover their net worth or their exposure to risk.
Net worth is easy…if you got it…cover it!
Exposure to risk…a little different.
A business might be required to carry higher limits of insurance per contract, like renting space at the mall or working for a GC…for a family… having a swimming pool or youthful drivers are reasons to have an umbrella.
So if anyone has a net worth that’s greater than $500K or if there is an above normal exposure to risk…get an umbrella to protect your family or business.