The coverage you should have on liability insurance depends on your financial situation, assets, and risk exposure. Generally, experts recommend carrying at least $100,000 per person and $300,000 per accident for bodily injury liability, and $50,000 for property damage liability (known as 100/300/50). However, if you have significant assets, such as a home or investments, you may want higher limits to protect against lawsuits that could exceed your basic coverage. You could also consider an umbrella policy for additional protection beyond your primary liability limits. Minimum state requirements are often insufficient for major accidents, so it’s crucial to assess your risk and choose coverage that shields your assets while meeting legal obligations.