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Consider a Group Approach to Umbrella Coverage
Excess liability insurance, commonly called "umbrella insurance," provides coverage above the limits of your home, auto or watercraft policy. Most people with assets to protect should consider whether they need umbrella coverage to protect those assets from lawsuits. The recent case of suburban parents allowing underage drinking in their home is one example of possible personal liability exposure, but there are many things that can increase your risk, including swimming pools, backyard trampolines, watercraft or teenage drivers.
People with significant wealth should consider carrying coverage that is equal to or greater than their current and anticipated net worth. But at very high limits -- over $10 million -- that coverage can be very expensive. The Bensman Group can help you implement a solution: group excess liability insurance.
As a group, a firm’s top executives share common traits: They are well-educated and highly compensated. They also tend to avoid high-risk activities and to be committed to preserving their wealth for future generations. These traits are attractive to insurers writing high limits of excess liability coverage, and firms can use that to negotiate a group plan that has more favorable pricing, underwriting and policy administration.
The benefit for the executives is clear: better terms for coverage. But the firm also benefits because it reduces the risk that personal liability litigation will take a toll on the focus, productivity and value of these critical employees. A group plan is also easier to administer than a series of individual umbrella policies, which benefits both the employer and the employee.
The Bensman Group can work with you to set up group excess liability coverage. We will consult with your management, compensation and/or human resources professionals to create the group, identify eligible employees and implement a custom-designed plan to meet your needs. For more information, please contact me, or any member of The Bensman Group team, at 847-572-0800 or firstname.lastname@example.org.