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Can You Afford Not To Have A Commercial Umbrella Policy?

Every day we hear of lawsuits filed that make us shake our heads and think, "surely the courts will not let this go to trial let alone award the person any money!" However, in today's society, every business faces the reality that a major lawsuit could be filed that has the potential to make the business close it's doors before a verdict is even reached. In fact, statistics show that 40% of small businesses that have a lawsuit filed against them are never able to open their doors again. Here are some real-life examples: •A man suffers burns to 60% of his body when a gas fireplace in an apartment building explodes. Medical and compensatory awards total $3 million. The general liability policy covers $1.5 million per occurrence, leaving the apartment building with an unfunded liability of $1.5 million.
•In Florida, an 11-year-old dies in an auto accident at a controlled intersection inside a neighborhood constructed by a development company. Plaintiff verdict: $10 million. •In New York, a deliveryman requires surgery and continuing treatment for herniated discs after he slips and falls down the stairs of a restaurant. Plaintiff verdict: $1.7 million.
•In Massachusetts, an electrician encounters a live wire at a construction site and suffers traumatic brain injury—allegedly the result of the electrical contractor’s negligent work. Plaintiff verdict: $2.9 million. If you carry General Liability Insurance, your policy is normally written with a $1,000,000 limit. So in all or most of the above examples, your General Liability will pay that amount...but where does the balance come from? Commercial Umbrella policies can have a premium as low as $500 a year per million of coverage depending upon your business exposure. Can you afford not to at least ask for a quote? #commercialumbrella #lawsuits


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