California Liability Insurance for Your Business
A mistake or accident,
no matter how minor, can result in a lawsuit in today’s litigious environment
in the U.S. This makes California
liability insurance vital to
your company’s financial protection. Liability insurance is designed to help
financially protect the assets of a company in the event that a lawsuit is
filed against the company for personal injury, property damage, or for some
other types of loss.
insurance may be included in a Business Owner’s Policy (BOP); however liability
coverage amounts are typically on the low side in a BOP and not all types of
situations are covered. It is important that you know your liability coverage
limitations and the types of claims your business could be exposed to.
It may be wise to be
aware of the outcomes of personal injury and property damage lawsuits in
California. Should recent awards to plaintiffs be high, you may want to ask
your agent for guidance in determining how much additional liability coverage
You may also want to
ask your agent about an umbrella policy that could take over should the limits
on your California liability insurance policy be exhausted. The purpose of an
umbrella policy is to contribute to the difference between the amount awarded
to the plaintiff in a lawsuit and the limits on a company’s liability policies.
Your agent can generally explain specific scenarios in which an umbrella policy
may be warranted.