One of the first things we asses when developing an asset protection plan is personal liability, which is injuries or accidents you’re responsible for based on the property you own. Personal liability could arise out of a simple lack of knowledge. Grow your personal wealth knowledge and let us help you avoid being personally liable for accidents on your property.
What is Personal Liability?
Personal liability is when a person is found liable or responsible for an injury of a person or damage to a piece of property. Financially, when someone is found liable, they are expected to pay for damages. This price often exceeds a person’s personal savings and can seriously cripple their financial health. Find out what you can be found responsible for and how to protect yourself.
Personal liability doesn’t require your presence
To be found personally liable for an accident or injury, you aren’t required to have been present at the time of the event. If an accident happens on property you own—home, business, rentals, land, or vehicle—you can be found financially responsible. Comprehensive insurance coverage of all the property you own is the first step to protecting yourself from these occasions.
Personal liability doesn’t require your direct action
You may not be at the scene, and you may not even know who caused the problem. Responsibility for injuries caused by family members residing in your home can fall on you. When purchasing insurance, make a note of who is covered by your policy.
You may also be responsible for injuries caused by non-family members on property you own. Protect your property from unwanted visitors and again, be sure you’ve purchased a comprehensive insurance plan.
Get Your Asset Protection in Order
To avoid being found liable for the situations included under personal liability, contact Alpha Omega Wealth’s personal wealth advisors. Let us help you purchase or perfect your insurance coverage for possible accidents ahead. We are practitioners in financial planning concepts, and we would love to help you create an asset protection plan.
