Every business, retail, specialty, service, bar and grill, financial services, auto mechanic, doctor, lawyer -- indeed any small business -- needs to insure the business against risk. The question is often asked, how much is enough?
Many general liability policies
for small business are 1 million dollars for any one loss and 2 million dollars in any one year. For most of us, that sounds like a lot of money, but is it really when looking at protecting your business?
Consider the ramifications of you or an employee of your company seriously injuring a third party in an accident where fault is determined to be you or your employees.
The case goes to litigation, and the jury determines the losses to the third party exceed 4 million dollars based on medical costs, lost income, pain and suffering.
That 1 million dollar limit doesn’t look so big anymore, does it?
Property coverage is another area where a discussion with your licensed insurance professional is necessary.
It is recommended that you carry the highest coverage affordable. Review the coverage with your licensed insurance professional while considering starting over in the event of a catastrophic loss.
It is always wise to have a separate discussion regarding the commercial vehicle insurance
your business is carrying. As noted in the prior paragraphs, take the time to really determine with your licensed insurance professional a proper coverage amount.