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William Schantz Scholarship

Bill Schantz Explains Everything about Personal Liability Insurance

No matter what kind of business you run, chances are you have some sort of risk involved, whether it’s to do with the products or services you provide or with your actions as an owner and manager. As per Bill Schantz, If you run your own business, personal liability insurance will protect you against these risks and put your mind at ease by helping to cover costs that come up due to someone else’s negligence or even your own mistakes!

Let’s take a look at how this type of insurance works and what kind of situations might call for it!

Why Bill Schantz Recommends Personal Liability Insurance

Personal liability insurance is designed to protect you if someone sues you over an accident or injury they believe was your fault. If they’re successful, it pays their medical bills and legal fees and money they might have lost due to missing work or being unable to pursue a passion.

For example, if you get into a car accident with another driver who loses his job because he has to take off time for treatment, that could be considered lost wages as far as personal liability goes. An umbrella policy will also cover your assets (for example, your house) if anything happens at home that could leave you liable for damages and costs incurred by others.

What Does This Insurance Cover?

In general, personal liability insurance covers legal costs and settlements for injuries or property damage resulting from your negligence. For example, if someone slips in your store and falls, breaking their arm.

Most states don’t require this type of insurance for small businesses with annual revenues under $500,000. According to Bill Schantz, the insurance will usually cover all at-fault accidents related to your business activity; it can also provide coverage for any lawsuits involving employee mistakes or property damage related to your product line—as long as they’re within reason.

When Should You Get It?

You may have liability insurance included in your car or homeowners’ policies, but those kinds of coverage are limited.

Bill Schantz recommends getting an umbrella policy. These are typically less expensive than specialized business-liability policies and will extend your coverage. Umbrella policies usually kick in when a claim exceeds a certain dollar amount—$1 million is common—and protect against all sorts of liability claims related to your personal finances or professional endeavors.

It’s best if you can buy one before an incident happens (of course, that’s not always possible), but insurers may let you purchase one within a year or two of a past event if it was potentially covered under your existing policy.

How Much Should You Get?

As per Bill Schantz the amount of liability insurance coverage you should get depends on many factors, including your net worth, total assets, and how much personal liability protection your assets have. In general, $1 million in liability insurance should be enough for most people. Of course, if you are a wealthy business owner with a lot of assets—such as a large house or other real estate holdings—you may want $5 million or more. Bill Schantz suggests discussing your needs with an insurance agent and adjusting your coverage as needed.

Bill Schantz Recommends to Choose According to Your Needs

A good insurance policy is a lot like a good pair of jeans: it should fit your needs and help you look and feel good. One size does not fit all when it comes to personal liability insurance, so choose your policy wisely. Once you’ve got that perfect policy, keep in mind that many insurers will allow you to bundle certain types of policies together (like adding on your auto insurance or renter’s policy), which can save money on each one.

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