As a business owner with a business owner’s policy (BOP), you probably recognize the importance of adequate insurance coverage. However, it is a good idea to assess the general liability portion of that policy and consider whether the basic coverage is adequate. The general liability portion of a BOP has limitations, which may not always be sufficient for your needs.

Look at your risk factors and be realistic about the possibility for damage claims to be lodged against you. Your business may be responsible for payments above the policy limitations if a claim was lost and damages awarded. Purchasing an additional rider in the form of an umbrella policy may allow the additional amount payable to be covered. Since damage payments awarded in California are very hard to predict, this umbrella coverage could be a worthwhile addition to your portfolio. Losing a claim for damages might be bad enough, but finding you may still be out of pocket can be doubly stressful.

You may think that your current BOP policy is adequate for your circumstances now, but be sure to reassess your needs on a regular basis. Your insurance agent is a great source of information should you have any questions about the suitability of your package, and can suggest changes as needed.

*

Posted 12:00 AM  View Comments

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Facebook
Twitter
LinkedIn
Google+
Customers

What People Are Saying


© Copyright. All rights reserved.
Powered by Insurance Website Builder