How do you protect yourself from the threat of multimillion-dollar lawsuits?

woman in front of a judge in a courtroom

Financial professionals often recommend that your personal excess liability (umbrella) policy limits be equivalent to your net worth. However, it’s important to consider all the risk factors that could increase your liability exposure. If your net worth is over $1 million, you could be at greater exposure to being targeted by frivolous lawsuits seeking higher payments based on the perception that you have a lot of wealth. An unfavorable judgment could put future earnings and other assets at risk.

How you may be at risk

  • Automobile accident: Driving on a major road in heavy traffic on a rainy night, there was a minor accident. The two motorists were between their cars exchanging information. Meanwhile, your teenage child was texting while driving and hit one of the cars. Medical injuries, loss of wages and pain and suffering resulted in an $8 million settlement.
  • Entertaining at home: You hosted a neighborhood party. A dozen people were enjoying the view from your deck when it collapsed. Many had severe injuries and are suing you for lost wages and medical expenses.
  • Secondary home: You hired contractors to winterize your vacation home in the mountains. While they were working, the roof collapsed due to heavy snow. One worker died of his injuries. His family sued you for $10 million.
  • Nationwide® Private Client homeowners and personal excess liability policies are designed to help protect you from events that could damage your financial position. Would the current liability limits on your insurance policy cover you in these situations?
  • Additional exposures that are important to consider when determining your liability limit include whether or not you own rental properties, employ domestic staff, serve on a nonprofit board of directors, have a swimming pool or spa at your home, possess firearms, have pets or own watercraft.

How Nationwide® Private Client responds

You have the option to expand your liability coverage up to $25 million with our personal excess liability policy.

Our personal excess liability policy with protection endorsement also offers:

  • Up to $250,000 of expanded defense coverage for the reasonable expenses incurred to have your own attorney consult on a claim we defend1
  • Up to $250,000 of crisis management coverage for reasonable expenses from the public relations or crisis management firm of your choice to help mitigate potential damages or injury to your reputation caused by a covered occurrence or wrongful employment act

Liability situations are stressful. Should you be faced with a covered liability loss, you can have confidence in Nationwide Private Client.

Why it’s important for you

Today, there are more liability exposures than ever. Many people don’t realize how affordable excess liability insurance can be. The premium you may save by increasing your home and automobile deductibles could more than pay for added or increased excess liability limits. Talk with your insurance agent today to determine the right amount of liability protection for your unique needs.

Nationwide Private Client offers these added benefits:

  • Specialized claim service: Our team of problem-solvers is available 24 hours a day, 365 a year.

[1] Contact your agent for policy limitations.