Careful financial planning means managing your assets with intention. This is especially important when planning for retirement; those assets are part of that plan. Although managing your assets is important, equally important is protecting those assets. At Everett Insurance, we want to help clients in Glen Allen, VA, and the surrounding areas learn more about protecting their assets. Keep reading to learn about the top three assets often at risk of liability.
Basic savings can fall into the risk category if you face liabilities from a lawsuit or other situations. If it is determined that you are held liable for an accident or an injury, and you do not have sufficient insurance or the appropriate type of insurance to cover those costs, you would be required to pay those expenses out of pocket. If you do not have enough cash to pay, the legal system can undoubtedly come after your savings.
Along that same line of thought, if your basic savings are not enough to cover liability expenses, any investments you might have can also be a target. Our legal system allows for many different types of assets to be used to pay liability expenses.
In extreme cases, even property can be an asset used to pay for your liability expenses. This can cause financial hardship and put you in a vulnerable position.
There are many types of insurance products, such as umbrella insurance, that you can purchase to offset liability risks. If you have assets that you want to protect, you should sit down with an insurance representative to discuss your insurance options.
If you want to learn more about umbrella insurance, please get in touch with us at Everett Insurance, serving Glen Allen, VA, and the surrounding areas.