Paul Dreher Director of Personal Insurance View Bio

Now more than ever before, Americans are confronted by multiple risks that threaten financial assets and lifestyles. Personal liability lawsuits can run in the multi-million dollar range, and in such cases, personal liability insurance alone may not be enough. Group Personal Excess Liability Insurance, or Group Umbrella Insurance, from Lawley and Chubb offers an attractive, group solution for helping preserve your assets in the face of an ever-increasing array of financial loss exposures.

Who Can Benefit From Group Umbrella Insurance

The recognized financial success of executives, lawyers, doctors, accountants, and business owners make them especially vulnerable to lawsuits. A Group Umbrella policy is designed to protect the personal assets and future income of professionals.

These benefits are most often leveraged by professional service organizations, as their key personnel and staff are targets for litigation. Law firms, with their knowledge and experience of liability lawsuits and uninsured motorists claims, should be especially cognizant of the need for adequate liability coverage. Medical practices and accounting firms can also benefit significantly from this kind of coverage but, any privately owned company with 10 or more executives or high-ranking leaders can find value in a group umbrella policy.

Benefits of a Group Umbrella Policy With Lawley and Chubb

Experts agree that business owners and executives should have no less than $5,000,000 in personal liability insurance and at least $1,000,000 for uninsured and underinsured motorists. Lawley and Chubb offer higher limits for both personal liability and uninsured/underinsured motorist coverage, more than many other insurance agencies, providing up to $50,000,000 limits.

Beyond these basics, Lawley and Chubb also include the following additional coverages:

  • $25,000 for reputational injury
  • $25,000 for loss of earnings
  • $25,000 for identity fraud
  • $100,000 for kidnapping expenses
  • Unlimited defense costs

Since coverage is purchased on a group basis, premiums are considerably lower than they would be for individuals buying their own umbrella policy. These lower costs are directly attributed to the limited underwriting of the policy. This means that the subjective factors that usually go into an insurance underwriting decision, such as driving records, prior legal issues, past insurance claims and the value of personal assets, may not be subject to review.

The Recruiting and Retention Advantage of a Group Umbrella Policy

Compensation and benefits are two of the most important aspects of an executive’s decision to work with a firm. In addition to the practical advantages of offering a group umbrella policy, organizations can capitalize on this valuable coverage to secure and retain leadership and staff. These high-value benefits can be incorporated into an executive compensation package at low-cost to the company, creating a win-win scenario.

Once they’ve been hired, corporate heads can focus on doing the best work for the enterprise instead of worrying about how a lawsuit may affect their personal assets. In short, group personal excess policies provide peace of mind for individuals while highlighting the firm’s commitment to their staff’s financial stability. To see if a group umbrella policy is right for your organization, talk with our personal insurance team.

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