In today’s overly litigious society, it’s important to be protected. If you are ever sued, your standard homeowners or auto policy will provide you with some liability coverage, paying for judgements against you and your attorney’s fees, up to a limit set in the policy. However, you may want to have an extra layer of liability protection. That’s what a personal umbrella liability policy provides.
If you’re starting a business, the first step you need to take in setting up your company is to obtain commercial liability insurance. Or, if you already have an existing business but do not have general liability insurance, do so immediately. Being an entrepreneur and running your own company can be quit rewarding, but it does not come without plenty of risks. That’s where the important of liability insurance lies. But what does that mean? What protection does it afford? How do you determine your coverage needs?