Many prioritize building wealth and manage it by means of investments and portfolios. Often forgotten is the need to protect the funds you have already worked so hard to accrue. All it would take is one tragic accident in which you are held responsible for damages or bodily injuries to jeopardize your finances. TMA Insurance Trust can help you secure a personal umbrella insurance policy that can provide the extra protection you need when your homeowner’s or car insurance reaches its liability limit.
If such an unfortunate event were to occur, as a physician, you run a high risk of being the target of a lawsuit. Although you may have already sought professional liability protection, a personal umbrella insurance policy can protect your personal wealth, your spouse, and your practice by providing an extra layer of financial protection.
Protecting Your Legacy
Even if you do not have tremendous wealth, by considering an umbrella policy you can prepare to stabilize and protect your current financial status should an unfortunate accident occur. You could have serious monetary repercussions if an accident you caused results in an injury that keeps the other party from earning a living for a significant period of time. Protecting your legacy with a personal umbrella insurance policy could help protect your financial assets, home, other personal property, and your practice if you own one.
Most auto and homeowners policies don’t provide a significant amount of liability protection when an injured party takes legal action against you. A 2021 study of personal injury settlements showed that for back and neck injuries, the average payment in Texas was over $500,000.*
A personal umbrella policy can offer maximum benefits with minimal costs. Typically, policies are available in million dollar increments. For less than a few hundred dollars per year, you can get a policy from $1 million to $5 million. While this type of policy is not mandatory, you can maximize your peace of mind should an unfortunate accident occur.
Protecting Your Peace of Mind
There are many instances in which umbrella coverage is a wise purchase. Whether you have a pool in your home, a dog or large animal, or if you like to have large parties, an advisor can help you increase your peace of mind and find the coverage you need. TMA Insurance Trust works with My Life Protected to offer umbrella policies from leading insurance companies including Travelers and Chubb.
TMA Insurance Trust knows how important it is for you to protect what you have worked so hard to achieve. We have simplified the process and made it quick and easy to find out more information. In just a few minutes at MyLifeProtected you can go online and see what a policy will cost, or you can contact an agent who can develop a personal umbrella quote for you, by calling 877-755-9576.
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.
