An umbrella insurance policy is extra liability insurance coverage that goes beyond the limits of the insureds' home, auto or watercraft insurance, adding an extra layer of coverage for those with a higher level of risk exposure.
There's a very good chance that most people will fit into one of the following categories, of having children, partaking in hobbies, travelling, using social media, or perhaps owning rental property or being a volunteer with some organisation or charity group.
Think about social media for a second. Who doesn't participate in this activity? But also consider the potential for risk when you think of the hundreds or thousands of people that may see a post where you might commit libel, slander or breach of privacy. A defamatory review of a business or service or a photo "published" of someone that doesn't want their photo shown are certainly quite possible, even if innocently done.
And what about those kids? They're on social media as well, or out and about doing kid things, especially if they're teens. If your dependent is responsible for some sort of damaging action, you, the parent, could be held responsible.
|Image courtesy of Wawanesa|