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For families that earn $250,000 or more per year, savvy financial moves can make the difference between having more than enough and struggling to afford the lifestyle you prefer. The experts at Pizano Insurance want you to help their Wayzata, MN neighbors preserve wealth and enjoy the fruits of their labors. Here are some ways umbrella insurance can add an extra layer of protection and flexibility to your portfolio.
- High-wage earners are often employed in positions that come with some personal risk. Doctors, legal professionals, and other professionals could be hit with a lawsuit for any number of reasons. An adverse judgment could empty your savings, challenge your credit, and put your whole future in jeopardy.Business umbrella policies help pay costs associated with lawsuits and other issues of liability.
- If a significant portion of your income comes from a business, you need umbrella insurance.Whether your business is a corporation, partnership, or sole proprietorship, you could be found personally liable for loss or damage sustained through the use of the company’s products or services. A personal umbrella policy protects your personal wealth from litigation efforts.
- Living the good life often means debt. The mortgage on your primary home, vacation property, and vehicle payments can stretch even the most generous budget. If a catastrophic event took your home or completely destroyed your vehicle, the insurance payment from your primary policy might only be enough to cover the bank’s losses on financed property. An active umbrella policy would send payment directly to you. You could then use the funds to replace your lost property.
Do you have enough insurance? Contact the experts at Pizano Insurance for a review of your policies. We can help you protect all of your important things in the Wayzata, MN area.