What Is Enough? How Do I Know?

Insurance coverage for my business, what is enough, how do I know?

The question we are often asked is how much coverage is enough.  Every business, retail, specialty, service, bar and grill, financial services, auto mechanic, doctor, lawyer, or any small business needs to insure the business against risk.  Certainly, every business is different and so are the risks with go with them.

Often standard liability policies for a small business are $1 million for any one loss and two 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 jury determines the losses to the third party exceed 4 million dollars based on medical costs, lost income, and pain and suffering.

That $1 million limit doesn’t look so big anymore.  It is often important to ask your licensed professional insurance professional what is realistic for your industry and business.  A commercial umbrella policy is often a cost effective way to increase your liability coverage without breaking the bank.  An umbrella policy will pick up coverage where your existing policy stops.  Check with your commercial broker about recommendations for an umbrella policy.

Property coverage is another area where a discussion with your commercial broker is necessary.  It is always recommended to carry the highest coverage affordable.  Review the coverage with your licensed insurance professional while considering a starting from scratch 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.  Take time with your commercial broker to discuss where your business is today, and also future plans and projects.  Often, a change in your business means you should at least update your commercial broker.

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