1. In today’s litigious society, 1 in 12 Americans is sued each year, making liability insurance crucial to protecting yourself and your loved ones. Although many people believe that it won’t happen to them, the terrifying reality is that anyone can be sued. Could your otherwise friendly dog become afraid and harm someone? Could he be held at fault for a car accident? Could someone be injured on your property? These are just some of the common ways you can face a lawsuit, putting your family’s finances in jeopardy.
2. Whether you own a home or a business, an important type of liability insurance is a general insurance policy. Providing an added layer of liability coverage on top of your existing policy’s liability limits, this type of coverage proves invaluable in the event of an accident or other situation that escalates into a lawsuit. For example, if your auto insurance policy has a $250,000 liability limit and you lose a $500,000 claim as a result of an accident, you will only have to finance the remaining $250,000. A blanket policy can prevent this, giving you additional liability coverage in million-dollar increments to help finance the costs of lawsuits, settlements, and jury awards. Without this additional coverage, a serious accident can leave you facing financial disaster. A commercial general liability policy works in the same way, providing you with additional liability coverage for your business, in addition to the existing liability limits of your commercial general liability policy.
3. As a business owner, there is a specific type of liability insurance that concerns you: commercial general liability coverage. In addition to workers’ compensation coverage and insurance for your business property, this type of liability coverage will also prove invaluable in protecting your business from financial disaster. Should your business face one of the most common types of laws brought against businesses, including discrimination, harassment, and wrongful termination according to Chron.com, your insurance will provide coverage. Since losing a lawsuit could force some small businesses out of business, this type of coverage plays an important role in protecting the business you’ve worked hard to build.
4. Liability insurance is not only important for home and business owners, but it is also crucial to protect people who are considered to be providing professional services, such as medical professionals. While all professional service providers should protect themselves with professional liability insurance, physicians tend to face especially high risks. In fact, according to the American Medical Association, six out of 10 doctors over the age of 55 have been sued, illustrating the importance of professional liability coverage, which protects businesses and individuals against losses resulting from acts, errors or omissions in the performance of their functions. your professional duties. Professional liability insurance can help protect all medical professionals, from nurse practitioners to pediatricians, from the increased exposures they face.
5. Since liability coverage plays a critical role in protecting what matters most to you, from your home and family to your business, it’s important to have someone you trust to guide you through the process. process of obtaining this type of coverage. Independent insurance agents will help you understand your options, make coverage recommendations, and find the best liability policy for your specific needs, ensuring your assets remain protected.
