As a business owner, you have to be prepared for a lawsuits. Lawsuits happen all of the time and those lawsuits can financially devastate a business. In fact, even if you have insurance coverage, there is a chance that the cost of a lawsuit can seriously harm your company. You may need excess liability coverage.
Reasons for Excess Liability Coverage
Even if you have a liability policy, there is no guarantee that it will be able to cover the cost of a settlement. Sometimes, lawsuits are inevitable. No matter your business or industry, lawsuits are common. Without liability insurance, your company could face losses due to legal fees or settlement costs. In the case that you do not have enough coverage, you need an excess liability policy to cover the rest.
Types of Excess Liability Coverage
Excess liability coverage protects your business against devastating losses due to claims against your company. The types of liability coverage available to you may include:
- Liquor law liability
- Vehicle liability
- Personal injury liability
- Contractual liability
If an individual files a claim against you for negligence in any area, odds are your excess liability coverage can help.
When it comes to protecting your business from financial devastation, you need the right insurance options. With the rest of the insurance options, excess liability coverage protects you if the settlement costs are too much for your current policies.