During a party at your home, you get caught up in the moment and say something that's untrue about a friend. Or you write a letter to the editor and use unfounded statements about someone. Unfortunately, everyone makes mistakes. You might find yourself facing a libel or slander lawsuit, though, because of your judgment lapse or other mistakes. An umbrella insurance policy can protect you.
What is Libel and Slander?
Libel and slander fall under the category of defamation. Typically, libel covers written statements and slander covers speech. Because both forms of defamation damage a person's reputation, the victim could file a lawsuit that threatens your home, financial savings and other assets.
You Need an Umbrella Insurance to Have Libel and Slander Coverage
Whether you committed libel in a written letter or email or spoke slander at a party or during a phone conversation, your homeowners or renters insurance policy probably doesn't protect you. However, it might if you:
*Sign a personal injury endorsement that covers unintentional acts of libel or slander.
*Obtain personal injury coverage that offers additional liability coverage for at-home or off-site remarks that are considered libelous or slanderous.
For maximum and guaranteed protection, buy an umbrella policy that covers personal injury. It's an additional endorsement that takes effect after your homeowners insurance is exhausted.
Your umbrella policy can also provide financial protection and pay for defense costs if you're sued in certain cases. Those cases include invasion of privacy, defamation of character or wrongful imprisonment.
How Much Coverage Should you Buy?
With help from your insurance agent, decide how much umbrella insurance coverage you need. If you have a large number of assets or a high net worth, consider purchasing a large umbrella policy to protect yourself. No matter how much money or valuables you own, however, consider purchasing this beneficial coverage.
No one usually plans to commit libel or slander, but accidents happen. Umbrella insurance can protect you. Discuss your options with an insurance agent today, and think twice before writing or saying something that might come out the wrong way.