Donít Lose Everything! Get Personal Liability Insurance †
It is no secret that we live in a society that is sue-happy. It seems more and more people are starting to consider a simple inconvenience to them an opportunity to make some money. This, of course, at the expense of, often innocent, business or land owners. This means liability insurance is an absolute must for anybody who owns a business or other venture where the public visits or which offers goods or services.
Small businesses in particular can take a very big hit if someone should decide to sue them. When a judgment is passed against it, the business can find itself in a situation where there simply is not enough money to cover the cost. Unfortunately this is even true for companies that have chosen a policy with premiums that donít cover everything, or when they are required to pay a phenomenal amount of money.
When you have a small business, you have a lot invested in it. Thereís blood, sweat and tears, but also financial investments as well. You want to see your company succeed because of all your work, but you need to see it succeed because of the financial aspect. If your company goes bankrupt or a lawsuit exceeds the insurance premium, you may be at risk of paying the remaining balance, by whatever means necessary.
Of course nobody wants to lose their house as well as their business! Personal liability insurance covers your own property in just such an event. Essentially it is an extension of any other liability insurance you may carry.
Apart from your business, you may have a similar experience if you are in a car accident. Damage to the personís car and their medical bills may amount to $200,000, but your insurance may only pay $50,000 of that. In that case you are personally responsible for the remaining balance! Thatís a lot of money and may mean losing your home.
With liability coverage insurance, you are essentially covering your behind in case the worst should happen. It may sound a little redundant or unnecessary, but just ask people who have lost their business and then their personal assets if itís a good idea. They will say yes.
Personal liability insurance doesnít have to cost a lot, but it can mean the difference between losing everything you have and not losing anything! Thatís worth the small investment you have to make.
Finding the right policy for you will take a little research. Your insurance agent will be able to give you a good idea of what different options are available and what your level of risk is to help you determine how much and what kind of coverage you need.
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