Liability Often Overlooked and Underestimated in a Financial Portfolio

While many Americans are concerned about rising interest rates, inflation, and a potential recession, liability can often be overlooked and underestimated in a financial portfolio. To better understand consumer sentiment around financial turmoil, Chubb conducted a poll of 1,500 Americans* around today’s economic environment and liability protection. An unexpected incident or lawsuit can have a significant impact on one’s financial standing if they aren’t adequately prepared and protected. The poll found that 83% of people report that protecting their families is more important now than ever, identifying a desire that may not always match the insurance coverage they have in place.

According to the poll, the biggest financial worries for Americans are inflation (66%), monthly expenses/costs of living (59%), and medical/health expenses (44%). Those financial worries are making many look to longer-term investments (57%) and employer benefits (59%) to mitigate concerns and alleviate stress.

As consumers increasingly believe they need greater insurance protection, additional insurance options through employer benefits have become a key avenue to mitigate financial loss. For example, group personal excess liability insurance provides additional protection that may be needed when the underlying liability limits of other policies, such as home, auto, or watercraft, aren’t enough to cover the unexpected costs of a lawsuit or accident. Eighty-six percent of respondents reported that they were likely to opt into excess liability protection offered by their employers. However, liability is often not discussed broadly in media or in day-to-day conversations around the dinner table, despite the potential lifelong impact on a family’s financial standing and lifestyle if a situation arises without adequate coverage in place. With many looking to employer benefits for support, 75% of respondents agree that employers should offer benefits related to financial protection for employees and their families.

Amidst so much uncertainty, having the right type of policy in place can provide peace of mind, and as an employee or a member of a participating group, you may be eligible for additional insurance protection offerings. To learn more about group personal excess liability insurance and the role it can play in your portfolio, visit: https://www.chubb.com/us-en/individuals-families/products/liability/group-personal-excess.html.

+++

*Poll Methodology: 1,500 adults in the U.S. were surveyed between July 6-9, 2022 through an online questionnaire in partnership with SurveyMonkey.

Scott Teller is Executive Vice President, Client Segment Leader, Chubb Personal Risk Services.