Why you should consider purchasing a
Comprehensive coverage at a sensible price!
#1: Asset protection
You work hard to earn every dollar. And itís your decision how best to
spend it. However, if an unexpected loss does occur, that decision may
no longer be yours to make. You need to assess carefully,
with all the facts at your fingertips, whether you can afford not to
make an umbrella part of your insurance plan. When most businesses
examine the facts, they find that a
Commercial Umbrella offers them a low-cost way to assure their assets
remain theirs Ė even in the face of a multi-million-dollar lawsuit. The
truth is that itís not just your current assets at risk, but your
potential future earnings as well. Look down the road and picture where
your business will be five or ten years from now. A large loss could
easily destroy any hopes of a bright future.
losses do occur They canít
take what you donít haveÖ They sure can. A court can
seize your current assets, or attach your companyís
future earnings to satisfy a judgment against you.
Bankruptcy courtsí records are filled with examples of
companies that thought they werenít at risk. They
believed they didnít have enough assets to worry about
the threat of an uninsured or underinsured loss. But
accidents donít just happen to the other person. They
could happen to you.
Here are some examples:
association: $6,194,000 A
guest at a condominium complex fell from
a pier, rendering her a paraplegic. Due
to a recent drought, water had receded
beyond the pier exposing the shoreline.
The claimant alleges that there should
have been a railing to prevent falling.
building: $1,900,000 A
fire occurred in the insuredís apartment
building. Eight days before the fire, a
property management code was approved
requiring smoke detectors regardless of
building size. The tenant was seriously
burned and the fire department concluded
the fire was the result of the plaintiff
smoking in bed.
$11,010,000 A contractor
working on the roof of the insuredís
retail operation fell through a skylight
causing traumatic brain injury resulting
in severely diminished mental capacity.
building: $3,350,000 A
child was killed when an electric gate
in the apartment building crushed him.
Garage: $2,510,000 The insuredís garage
operation repaired a tire on the
plaintiff ís vehicle. Approximately two
hours later, the tire blew out causing
the driver to lose control of the
vehicle. The accident injured 10
$6,3578,00 A 7-year-old
claimant became entangled in a hammock
sold by the insuredís retail operation
causing brain damage due to hypoxia. The
hammockís manufacturer is located in
another country and not subject to
$5,285,000 The insuredís
vehicle was involved in an intersection
accident. The driver pulled from a stop
sign into the path of the claimantís
#3: A true value
Of course, every business is different,
and so is every liability case. Because a Commercial
Umbrella is meant to apply to large, catastrophic losses, its cost will
be determined primarily by your businessí specific operation. But in
comparison to the coverage you now buy, the cost is relatively low. As a
result, the limits can be many times those provided by your current
policies, at a fraction of the cost. With lawsuits occurring more and
more frequently and monetary awards climbing skyward, you need to insure
both the assets and future earnings of your business.
Other available products and
Employment Practices Liability
Pollution Liability Insurance*
Business Life Insurance
Value Added Products and Services*
*Not available in all states This page contains a general
description of coverage and is not a policy contract. The policy itself
should be read for actual coverage and exclusions.