Accidents are an eventuality for everyone. At some point in your life, you may find yourself at fault for causing one that involves someone else. For that reason, automobile insurance and homeowners insurance policies are essential liability protection to maintain. But will those policies adequately protect you and your finances?
As a physician, you likely have a higher net worth than most people. An injured party may see you as an opportunity for a big payout and sue you. Having an extra layer of protection in the form of a personal umbrella liability policy is not only valuable, but it makes shrewd financial sense. TMA Insurance is making sure it's easy to obtain.
Provide Shelter From a Financial Storm
Imagine you were at fault in an auto accident and the person you injured was a highly paid professional. What if their injuries kept them from earning a living for six months or longer? It’s important to note that while Texas law imposes restrictions on punitive damages in auto accidents, those restrictions don't apply to medical expenses, lost wages, or pain and suffering. If you’re at fault, even a generous auto liability policy may not be enough to truly protect you. A 2021 study of personal injury settlements showed that for back and neck injuries, the average payment in Texas was over $500,000*. You could be legally responsible for damages beyond the $250,000 your auto insurance policy covers. Your assets would be vulnerable, and the financial impact could be devastating. An umbrella liability policy can help protect you against severe financial loss in the event of a lawsuit.
A typical homeowners policy provides only $100,000 of liability protection. If a visitor or tradesperson becomes injured on your property, your homeowners policy may not provide enough coverage. With a personal umbrella liability policy, your coverage is extended, and assets like your child’s college fund and your retirement savings are protected.
It’s Easy to Get Covered
In most cases, personal umbrella policies are available in million-dollar increments, from $1 million to $5 million. These policies are very affordable for the protection they provide, typically only a few hundred dollars a year. TMA Insurance Trust works with MyLifeProtected to offer umbrella policies from leading insurance companies, including Travelers and Chubb. In just a few minutes, at MyLifeProtected.com you can go online and see what a policy will cost you. You also have the option of contacting an agent who can develop a personal umbrella policy quote for you by calling 877-755-9576.
Accidents happen. With a personal umbrella liability policy, you can be ready when they do.
For over 60 years, TMA Insurance Trust advisors have been serving Texas physicians, their families and staff. TMA Insurance Trust prides itself on offering unbiased information and strategies to members, along with exclusive group rates on a range of the highest-rated plans in the industry.