A Word to the Wise About Insurance

How much insurance is too much? The short answer is you never have too much insurance. As a business entity, you literally can never be over-insured. As an individual, the same holds true. If possible, you should be carrying as much insurance as is available to you and then supplement the policy with an umbrella policy (which is often comparatively inexpensive).

The reasons for this are simple. We never know who is possibly on the receiving end of our negligent missteps or omissions. What could be a simple negligent act or failure to act could take on monumental damages and could put your business or you personally on the hook. It is vitally important that you understand your insurance coverage and perhaps even more important that you understand what is not covered.

Insurance Coverage

A few cases recently handled in my office bring to light these very issues. A young woman walking across the street in a local community was hit by a vehicle occupied by a young couple taking their child to the hospital. The injuries to the young woman were monumental and put at risk any and all the assets of the young couple. Unfortunately for the young woman who was injured the young couple did not have any significant assets. This problem could have been averted if my client and her family had significant coverage over and above the minimal coverage of the at fault defendants. The same general issues apply to any business that is sued for the negligent acts or omissions of their employees. The failure to have significant coverage places the business at risk and significantly all the assets of the business (real estate, machinery, furnishings etc.).

The stakes are high in your business and the availability of protection is close at hand. Take advantage of those protections and speak to an experienced attorney and/or insurance broker to get the right advice.

Call us with any questions you may have at 908-228-8800.

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