A Tip for the Self-employed: Be Sure You Have Enough Underinsured Motorist Coverage (UIM)

A Tip for the Self-employed

As a self-employed individual or a small business owner, you may have already realized that your finances are more vulnerable than those of someone who is employed in a traditional 9-to-5 job. A sudden illness or injury could easily derail your business and your ability to earn a livelihood.

But have you considered the potential financial impact of a serious car accident?

Today, we want to share an important tip—you should check your automotive insurance policy and ensure adequate uninsured and underinsured coverage to protect you and your family.

What Is Uninsured and Underinsured Coverage?

Uninsured and underinsured motorist coverage is insurance policies designed to protect you when the person who caused your accident doesn’t have enough insurance to cover your losses.

Uninsured motorist coverage provides compensation for bodily injury and property damage caused by an uninsured or hit-and-run driver, while underinsured motorist coverage provides compensation when the other driver’s insurance coverage is insufficient to pay for your damages.

Why Self-employed People and Small Business Owners Need More Uninsured and Underinsured Coverage

When you’re self-employed or a small business owner, your financial vulnerability in the event of a serious car accident is even greater. Not only do you risk incurring huge medical bills like anyone else, but you also risk losing income for a period of time while you recover.

In addition, you may have to hire other people to do your job to service your customers if you cannot work. This is precisely what happened to one of our clients, a man who owns a landscaping company.

The Harsh Reality of a Serious Car Accident for Self-employed Individuals

Our client built up a large base of clients over the years through his hard work and great service. However, one day, a woman pulled out in front of him, and he had to make a split-second decision to swerve to avoid hitting her.
Unfortunately, he ended up hitting a ditch and seriously injuring himself. After his injuries, he faced the harsh reality that he was a one-man band who took care of all of his clients himself. He had to hire other people to serve his customers while he recovered from his injuries.

In addition to not earning a living and having many medical bills pile up, he also had to hire other people to take care of his clients. So it was an even harsher reality than most folks have under a catastrophic injury situation.

He either had to do that or risk losing his business. Fortunately, he was smart, and he had a really good insurance agent who made sure he had enough insurance coverage to protect him.

The Importance of Having Enough Uninsured and Underinsured Coverage

In this case, things worked out pretty well for our client. He had enough underinsured coverage to protect him, and he could hire other people to serve his customers while he recovered from his injuries. He’s now back doing what he loves – serving his customers – and we were honored to be able to help him and get him a good settlement for his case.

However, the broader point is that if he didn’t have enough underinsured coverage, it would have been a totally different story.

Don’t Let a Serious Car Accident Derail Your Business

The last thing any self-employed individual or small business owner wants is to have a serious car accident derail their business and their ability to earn a livelihood.

By checking your automotive insurance policy and ensuring you have enough uninsured and underinsured coverage, you can avoid a potential financial crisis in the event of an accident.

So, take a minute to look at your policy and see if you have enough underinsured and uninsured coverage to compensate your family and help you avoid a financial crisis if something happens to you.

What to Look for in Your Automotive Insurance Policy

You must ensure adequate uninsured and underinsured motorist coverage limits when reviewing your policy. The minimum amount of coverage required by law may not be sufficient to cover your needs in the event of an accident. Instead, you may need full coverage insurance.

Your insurance agent can help you determine the appropriate coverage for your situation. It’s also important to review your policy declarations to ensure that you have the right type of coverage for your specific business needs.

Contact Our Personal Injury Lawyers

As a self-employed individual or small business owner, you face unique financial risks in the event of a serious car accident. Having adequate uninsured and underinsured motorist coverage can protect you and your family from a potential financial crisis.

Take the time to review your automotive insurance policy and make sure that you have the right coverage for your needs. Don’t let a serious accident derail your business and your financial security.

Were you hurt in an accident with someone who doesn’t have adequate insurance coverage? Consult an experienced personal injury attorney at Onward Injury Law to discuss your options. Contact us to schedule a free consultation.

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