You don’t have to be a millionaire to be sued for a million dollars

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Business owners and individuals alike can be held “liable” for a variety of perils. General Liability Insurance is often wrapped into other insurance coverage that you’ve already purchased. For example: your auto insurance includes liability for bodily injury or property damage, your homeowner’s insurance includes liability for injury or personal loss on the premises of your home, business insurance can include damage to a rented space, etc.

The trouble is the included limits of liability may not be high enough to cover the true costs of these perils. To ensure you’re adequately covered, you can look into an additional Liability Policy in the form of a General Liability Insurance Policy, Personal Liability Umbrella policy or Commercial Liability Umbrella Policy. Traditionally, these policies start at a minimum coverage of 1 million dollars and increase from there.

These policies cover claims alleging from:

  • Bodily Injury, Medical Costs, Property Damage or Damages to Rented Property
  • Libel, Slander, or Reputational Harm

This added buffer of protection keeps your personal assets and paycheck protected.

The most costly claims events for small business owners include1:

  • Reputational Harm (estimated $50,000 average claim)
  • Vehicle Accident (estimated $45,000 average claim)
  • Fire Damage (estimated $35,000 average claim)
  • Product Liability (estimated $35,000 average claim)
  • Customer Injury or Damage (estimated $30,000 average claim)

Gateway Insurance Group, Inc. provides free consultations for individuals and business owners.  We’re happy to review your existing insurance coverage and explain your current policy and uncover any potential exposures.

Give us a call at 858-428-3929 or visit us at www.gatewayig.com/nexthome

Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Gateway Financial Advisors, Inc., and Cambridge Investment Research, Inc. are not affiliated.
References:
The Heartford, General Liability Insurance, https://www.thehartford.com/general-liability-insurance?Tcode=TH040060

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