subject: Getting Good Coverage out of Liability Insurance [print this page] Getting Good Coverage out of Liability Insurance
Liability insurance is one of the most important parts of protecting yourself for business owners. A lawsuit can bring a business down and, if you're not covered, you have no protection. To make sure you're adequately covered, you need to work with an agent. There are options out there called business owner's policies (BOPs) that offer liability insurance from a one-size-fits-all design. This doesn't' adequately protect many of the businesses that rely on them. You have to take into account where you are and what kind of business you operate when determining the best policy.
In some states, it may be the case that juries tend to rule in favor of the clients in most of the cases that involve liability. Insurance in such states has to be designed to deal with this reality. Especially if you're in an area where liability claims are likelysuch as one with harsh winters, where slip and fall suits are always issuesyou have to make sure that you're covered for any eventuality. The policies designed for business owners by the insurance companies don't take into account regional concerns as well as they should, which is where an agent comes in.
Most agents do a lot of work with liability insurance for businesses. These services include making a very comprehensive assessment of the business's needs. Agents will also look at similar businesses to see what types of risks they face and what types of coverage they carry. This will give you an idea of what types of coverage are important to businesses in the area. It will also help you to determine what types of coverage that aren't offered in business owner's policies that you may need, and the agents can help you get that coverage.
Your agent may be able to add riders to your liability insurance that will give you excellent coverage. This is one way that a business owner's policy can be customized to fit an individual client. They may also be able to find better policies than you'd find on your own. If you're doing business, make sure that everything you work for isn't lost due to a liability claim. These claims can be very high and, if a jury finds against you and you're not covered, you may end up losing your business simply because you weren't protected enough by your policy.
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