Chances are, you or someone you know has been sued. With more than 350,000 cases filed yearly, lawyers are seeing a huge upsurge in civil suits. From bodily harm to libel, these lawsuits can cost you and your family millions. There are things you can do to protect yourself from these legal battles, according to our partners at Trusted Choice.
Whether your net worth is average, below average, or high, multi-million dollar lawsuits can happen to you. Cases are heard in court every day pertaining to automobile accidents, slip-and-fall claims, and even dog bite suits.
While most individuals carry automobile insurance, if the accident requires lifelong care or results in a fatality, the expenses may very well extend over the insurance limits. Here are just a few examples of how a lawsuit can happen to you:
Here are just a few examples of how a lawsuit can happen to you:
- An average dog bite claim can cost over $26,000 in damages – the most extreme cases reaching over $1 million.
- Â Slip-and-fall cases that go to trial can have judgments in excess of $100,000.
- Vehicle accidents have an average judgment of over $24,000. A fatality can bring a judgment of more than
When these types of suits occur, the party at fault may have their wages garnished or be placed into a situation where they must sell assets in order to satisfy the judgment.
High net worth individuals, however, face a greater chance of being sued. With a larger bank account to draw from, people may see these families and individuals as prime targets. Even if a high net worth individual faces a group lawsuit, lawyers may target the high net worth individual due to the potential for a higher award.
Learn How to Protect Yourself from Liability Lawsuits >