No one likes to face a legal challenge, but these unfortunate circumstances can all too often become a very real problem, especially for business owners and anyone with any type of valuable property or other assets. And the more someone owns, the more likely they are to face at least one lawsuit for almost any reason during their lifetime. Even if a court case is frivolous, the cost of legal defense can be high.

But having a good overall plan can protect you against lawsuits and other liabilities that arise from business practices, use of the property, and other factors. These policies were created to pay for what auto, home, boat, and other insurance coverages don’t cover when your policy limits are reached in the event someone suffers damage, injury, or death as a result of the use of the insured properties.

And umbrella coverage is considered one of the best values ​​in insurance since it provides at least $1 million in protection for what typically works out to less than $200 per year. And each additional $1 million in coverage can generally be had for about $100 more per year. Because such policies are secondary and only come into effect when existing insurance plans have exhausted their applicable coverage limits, most plans are rarely used, making them very affordable.

Clearly, the more someone owns, such as a business, a large house, a large piece of land, or other types of property and assets, the more they stand to lose if they are sued for any reason. And if you own a boat and regularly take friends and others on outings on the water, there is a very real possibility that someone could fall overboard or be seriously injured if using the boat results in death or disabling injury. And that means a strong lawsuit could be filed that could easily bankrupt the insured party if not fully protected.

But even those who don’t own a lot of assets could find themselves embroiled in costly lawsuits and face potential judgments far larger than they could ever afford without solid protection. If you cause an accident while driving and someone becomes permanently disabled that prevents them from ever returning to work, even a middle-class worker could win a large sum in a court case that could easily exceed anything the defendant could pay in a lifetime. But for just a couple of hundred dollars or more per year, that person could be protected with an umbrella insurance plan.

So when looking for the best way to get affordable coverage to protect against potential bankruptcy or permanent financial hardship due to a court settlement, a good umbrella policy will meet most people’s needs for the least amount of money.