Most businesses carry a general liability policy with limits up to one million dollars. While this amount may appear to be sufficient, in our litigious society it can become insignificant very quickly. It is not uncommon for the courts to hand out multi-million dollar judgments for bodily injury claims. Settlements and other expenses related to the claim can often exceed the coverage limits purchased, putting a business and personal assets at risk.
How Do I Get More Coverage?
One way to provide additional protection to your business is through an excess liability policy. This type of policy would increase your general liability policy limits in layers of one million dollars. For example, if your general liability limit is one million and you have an excess policy of one million, you now have a total of two million dollars in liability coverage. If higher limits are needed or required, you can continue to add layers of one million until your desired coverage is reached.
How Much Coverage Do I Need?
A common question in the insurance industry is, “How much coverage do I need?” This can be determined by contractual requirements needing to be satisfied, the type of product distributed, and the assets being protected. In today’s world, a million dollars can be exhausted very quickly in a claim, and an Excess Policy can be some of the most cost-effective insurance you can buy.
Call Veracity to discuss excess liability coverage and other coverage options.