How About Insurance First?

Asset protection is always a hot topic. It's very dynamic too as the legislature is trying to get one step ahead of current asset protection techniques. But before  getting into asset protection protection measures, clients must be counseled that having adequate insurance coverage is the best form of asset protection. 

This includes insurance for real and personal property, vehicles, umbrella insurance policies, malpractice insurance, commercial and other business insurance policies. 

Clients should discuss with their insurance agent or company whether their assets are covered and specifically add other assets needing coverage.

An umbrella liability insurance policy gives added liability protection beyond the limits on homeowners and other vehicle personal insurance policies.  Umbrella policies typically add an additional one to five million dollars in liability protection designed to come into force when the liability on other current policies has been exhausted.  

From personal experience, umbrella liability insurance premiums are very inexpensive considering the amount of insurance coverage added.  Further, in most cases, umbrella liability insurance covers non-business related activities wherever they may occur.