Protect Everything You Love With Hidden Liability Coverage
Types of Hidden Liability Coverage
1. **Umbrella Insurance**: This is a type of liability insurance that goes beyond the limits of your homeowners, auto, or watercraft insurance. It provides additional coverage for claims that exceed the limits of your primary policies, ensuring that you are not left vulnerable to substantial financial losses.
2. **Professional Liability Insurance**: Also known as errors and omissions insurance, this coverage is crucial for professionals who provide services or advice. It protects against claims of negligence or inadequate work, which can be costly without proper coverage.
3. **Cyber Liability Insurance**: In today's digital age, cyber liability insurance is increasingly important. It covers the costs associated with data breaches, including legal fees, notification costs, and credit monitoring for affected individuals.
Financial Benefits and Cost Considerations
Investing in hidden liability coverage can save you from potentially devastating financial losses. While the cost of such coverage varies depending on factors like your location, the value of your assets, and the level of risk, the peace of mind it offers is invaluable. On average, umbrella insurance can cost between $150 to $300 annually for $1 million in coverage1. This relatively low cost can protect you from paying out of pocket for legal fees and damages that exceed your primary insurance limits.