If they raise the liability minimum to $2 million or more...

Yes, you received the quote for the current conditions - when the minimum requirement is still $750K but the question remains if the quote you received would still be the same under different circumstances - when everyone must carry $2 million or more.

 

So do I, and also pay about the same. That's pays for itself as I am with State Farm and all other coverages in the package are accordingly discounted: homeowners' insurance and two personal vehicles.

 

Well...I won't self insure then.

 

I am glad you brought this up. There is a lot of small fleet owners hiring their drivers on 1099 as contractors without providing any kind of worker's compensation insurance equivalent such as an occupational insurance. Instead, they think they they can get away with their own personal umbrella. Also, they try to have their 1099 workers sign tons of indemnifying documents which they blindly sign - that's perhaps their way of getting away from many liabilities.
A personal umbrella is only for an event when your dog gets loose and bites off a half arse of your neighbor's wife. I have my house paid for and I am sure that in case of some unfortunate event the ambulance chasers would find out about it and try to go after the asset. In Illinois homesteads are not 100% exempt. Therefore, I have it as jointly owned with my wife and most cash savings I keep at IRA's. Sill, I am not 100% certain what they could do to dispossess me in an even that they would find me at fault and liable but I guess it is something that most people in this country who carry any positive balance net-worth have to deal with.