Are your liability exposures adequately covered?
As a business owner, your operation may be subject to a potentially catastrophic loss that you may not have considered.
A customer who arrives at your premises slips and falls on the stairs. As a result of this fall, the customer undergoes several knee, back and neck surgeries and now requires the use of a cane. A jury finds you 100% liable for the customer’s injuries and awards the customer $1.6 million for his injuries. Fortunately, you have a liability policy with a $1 million limit. However, you do not have a commercial umbrella policy in place as part of your commercial insurance protection.
As a result of the $1.6 million verdict, you are now liable for the remaining $600,000, and your business assets are exposed to garnishment, attachment or other means the court deems sufficient to pay the balance of the judgment.
While your auto and general liability policies may protect against minor misfortunes, these policies do not provide the protection you need in the event of a catastrophic claim.
Interested in a commercial umbrella policy? You will need to carry a minimum limit of $500,000 for both your commercial auto and general liability policies, and a minimum limit of $100/$500/$100 for employer’s liability policy.
A commercial umbrella may be written with a limit of $1 million; up to a limit of $10 million (higher limits may be available).
Please contact our office today to discuss commercial umbrella coverage and verify that you are adequately protected from a potentially catastrophic loss.