Essential Steps to Minimize Liability Risk

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A message from our Executive Vice President

Simply put, people are more likely to sue one another today than ever before. Whether legitimate or not, successful individuals are more likely to become targets of lawsuits, making personal liability coverage an essential topic today. As we continue to navigate this litigious world, protecting your wealth and safeguarding your assets from personal liability lawsuits has never been more important.

Remember, accidents and lawsuits may be beyond our control, but with the right strategies and coverage, we can lessen their impact. Our team is always here to guide you through these complexities and ensure you have the right protections in place.

Stay safe and proactive,

Cindy Zobian

Three Ways to Safeguard Your Wealth From Liability Risks

As juries continue to trend toward “nuclear verdicts” — judgements of $10 million or more —?it has become all the more critical for high-net-worth individuals to carry sufficient liability coverage. Unfortunately, wealth attracts personal liability suits. There are ways, however, to minimize the chances of becoming a target. To do that, we recommend the following actions:??

1. Keep a low profile: The likelihood of being sued increases with an individual’s visibility, and such visibility need not reach celebrity level to be an issue. Similarly, parents of tweens, teenagers and young adults; people who entertain regularly; and homeowners who are renovating are more susceptible to trouble.
2. Pay attention to the details: This includes limiting social media posts that highlight obvious signifiers of a high-end lifestyle, taking every precaution when driving, confirming that all outside vendors and contractors have their own liability coverage, and making sure children understand how their own posts and driving habits can imperil the family’s assets.
3. Reassess current exposures and coverage: We have found that individuals generally underestimate the amount of liability insurance they need, and that mistake can have costly implications. Our proprietary Liability Assessment Tool calculates a suggested range of coverage based on the value of one’s assets and their risk tolerance. Of course, a thoughtful conversation with a knowledgeable broker will ensure that the proper amount and type of coverage is in place.

Unfortunately, there is no way to prevent liability suits entirely — accidents happen. And educated caution, though, can make them less likely, and less onerous should they be filed.

For more insights on liability and the risks of social inflation , as well as more insights on and other common risks, sign up here for our monthly newsletter.

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