BUSINESS INSURANCE

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.

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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.