The need for holistic liability protection is an important concern. Here we’ll discuss the different types of liability insurance and address some of the most common sources of risk.
Today in the US, multimillion dollar lawsuits are more common than ever before, and affluent individuals, families, and family offices may find themselves targets of expensive, high-stake liability lawsuits.
Protect Yourself Against Hidden Exposures
Liability Insurance:
Home Swimming Pool
According to the Center for Disease Control, over 3,200 people drown each year. Among children, ages one to four, most drowned in residential pools.
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Dog Ownership
In 2015, dog bites and injuries accounted for more than one-third of all homeowners insurance liability claims.
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Home Entertaining
Hosting guests in your home and serving alcohol can open the door to potential liability claims.
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Domestic Employees
However close or long-standing a domestic employee relationship may be, it’s important to keep in mind that an employee may still initiate a lawsuit if they become injured while working in your home.
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High-Profile Lifestyle
Because assets and lifestyle exposures of high visibility individuals are so distinctive, standard insurance policies are unlikely to provide adequate protection.
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Leasing a Property
If your tenant or a guest of your tenant is injured on your property, you may be held liable.
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Sharing Vehicles
If someone borrows or shares a vehicle you own, such as a nanny or other hired employee, you could be responsible for any damage or injuries they cause.
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Social Media and Online Activity
Despite an individual’s privacy settings, social media use puts you at risk for personal injury lawsuits, including libel and slander.
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Board Membership
When serving on a board, it is important to understand the risk of lawsuits and how you can be protected.
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Teenage Drivers
Teenagers behind the wheel are known to be more distracted — by texting, chatting with passengers, or using any mobile device.
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Do any of the following apply to you?
Common Sources of Risk
Generate a preliminary estimate of the amount of liability coverage that might be right for you with our Liability Coverage Estimator.
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Excess Liability
Insurance
Workers' Compensation Insurance
Employment Practices Liability Insurance
Directors & Officers Liability Insurance
Insurance Solutions
Excess liability protection extends above what’s provided by the primary policies for an individual’s home, automobile, watercraft, and other assets.
A personal excess liability policy is designed to protect you against multimillion dollar settlements resulting from personal injury, bodily injury, or property damage lawsuits.
Excess Liability Insurance
Employers can be held liable for occupational injuries incurred by a worker regardless of who is at fault.
Workers’ compensation insurance provides statutory coverage for the cost of medical care and rehabilitation for injured workers as well as lost wages and death benefits for the dependents of persons injured in work-related accidents.
Workers' Compensation Insurance
Claims of discrimination, wrongful discipline or termination, breach of contract, and harassment are just a few common charges that can be brought forth by a disgruntled employee.
Employment practices liability insurance (EPLI) should be secured to cover potential defense costs, settlements, and jury awards related to wrongful employment act claims made by an employee.
Employment Practices Liability Insurance
If the coverage provided to directors and officers is not as substantial as your tolerance for risk, you may want to consider an excess D&O policy.
As a director or officer of an organization, you could be named personally in claims of fraud or financial mismanagement.
Directors & Officers Liability Insurance
Read more about liability insurance and some of the most common sources of risk in our latest white paper.
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