As someone practicing in the medical field, you are no stranger to insurance. You may even come across various types of policies throughout your career. There’s the malpractice insurance that you or your employer may have, along with your homeowner’s and car insurance. Regardless of whether you are an established physician or an up-and-coming doctor, having these policies can help you safeguard what’s important for you.
However, these may not be enough to protect you against disputatious plaintiffs and/or unforeseen accidents. This is where Personal Liability Umbrella Policy or PLUP can be particularly helpful.
In the simplest words, PLUP is an added layer of protection over your current liability policies. It can protect you and your family from great financial risks coming from accidental injuries or property damages for which you are at fault. As a practicing physician, having an umbrella policy can give you adequate financial protection.
To further convince you to obtain your umbrella insurance sooner than later, here are three great reasons to purchase this policy.
1. Being Cautious Is Good, But It’s Not Enough
Some argue that getting additional insurance is not necessary—that they can take matters into their own hands by simply being more careful.
There’s nothing wrong with striving to become more cautious to avoid accidents or injuries. It will protect you from easily preventable troubles. However, it will not be enough to ensure you will be totally accident-free. On top of that, it is not only your actions that you need to be mindful of.
You also need to consider your teenage children’s actions. For example, if your teenage son or daughter gets a DUI or becomes responsible for an alcohol poisoning case when you are away, you will likely be the liable party.
Being cautious can help you reduce your risks of getting into accidents. However, it cannot fully protect you from liabilities you are legally responsible for.
2. Things Have Changed In Your Life
As a medical professional, various aspects of your life have changed throughout your career. One of the biggest changes you’ve gone through is that you may now be earning more money than when you started.
You are indeed doing better than most, but you may not be exactly rolling in cash. This popular belief easily makes them a prime target for a lawsuit.
You are indeed doing better than most, but it’s possible that you aren’t rolling in cash. Like other professionals, you also work hard for the money you earn every day. Getting umbrella insurance is a smart way to safeguard your hard-earned cash from a simple mistake.
3. Personal Liability Umbrella Policies Bring Many Benefits
Aside from giving you an extra layer of protection over your existing liability policies, PLUP covers the members of your household. If you, your spouse, your dependents, or any other relative living with you are found liable for a covered incident, you can count on your umbrella policy to protect you.
It’s also worth remembering that every insurance policy has its limits. The homeowner’s policy or auto insurance you took out years ago may not be enough to cover your growing household and changing lifestyle. Having umbrella insurance ensures that you stay adequately protected despite these changes.
Ultimately, PLUPs are usually more affordable than other types of insurance. To give you an idea, a $1M PLUP policy typically costs around $150-300 per year. With relatively lower costs, you will be able to protect you and your family better.
Conclusion
A personal liability umbrella policy provides you and your family an extra layer of protection. In the event of a lawsuit, it goes beyond the limit of your current homeowner’s or car insurance to cover the costs for damages and injuries. Considering this, getting PLUP as a medical professional is well worth your time and resources. It can help you effectively protect your hard-earned money without the high price of most policies today.
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