If I have an umbrella insurance policy or my employer or business provides Errors & Omission (E&O) insurance or Directors & Officers (D&O) Liability Insurance, do I need to be concerned about liability and asset protection planning?

Yes.  Umbrella insurance is a great place to start, but unfortunately it doesn’t cover everything.  A colleague once shared a story about a consultant that specialized in liability insurance.  He would be called into major corporations to review their liability insurance and he regular reviews umbrella policies.  On a regular basis, he would find pages of issues or matters not covered by the insurance policies.  Thus, we still recommend asset protection planning, but consider the insurance your first line of defense.