Doctors, lawyers and other professionals routinely carry malpractice or other specialized types of professional insurance to cover errors and omissions, malpractice or other potential claims. Another type of insurance gaining in popularity for personal asset protection is personal umbrella insurance.
A personal umbrella insurance policy can cost less than $300 for $1 million of coverage per year, making it one of the most cost-effective forms of insurance available. Professionals that routinely purchase personal umbrella insurance include:
- Financial Planners
- Speech Therapists
- Many others
Remember, personal umbrella liability insurance is part of a complete asset protection strategy. Speak to your GEICO representative to find out how an umbrella policy can work in conjunction with your standard malpractice or other professional insurance to provide an even greater layer of protection.