The Necessity for Liability Insurance
The litigious climate in which we live makes the purchase of liability insurance a must. The simple act of serving a neighbor coffee that is too hot puts you at risk for lawsuit if the neighbor burns herself. Not to mention the dangers of tree branches that overhang a passage way or omitting to clear your sidewalk of snow or ice, all of which are grounds for winnable lawsuits in the case of a passer-by's injury.
For these reasons, the availability and affordability of liability insurance has been a major is becoming a concern for businesses, especially contractors, who have had difficulty in recent years obtaining commercial liability insurance.
Another special segment of the population that is a special risk group and must have full affordable liability insurance is healthcare providers and their employees. When they are obliged to pay high premiums, the cost is passed on the patients and clients.
Many factors, including significant claims payouts, and tighter underwriting have combined in to make commercial liability insurance harder to locate and afford. This is also true in the case of individual liability insurance coverage. To locate an insurance company that will provide an affordable plan with good coverage, begin with your homeowner's insurance policy or automobile insurance agent and see if these companies offer liability insurance policies. Chances are, if you are already satisfied with your existing policies and the company that provides them, you will find a good liability policy with the same company. Also most insurance providers offer better rates when one company handles all of your policies. If this approach does not yield results, consult the better business bureau or the state or federal office of the insurance commissioner who may be able to provide a list of agents, brokers and business representatives who sell liability insurance.
Once you have located an affordable policy make sure it covers you against claims regarding your personal actions and accidents that take place involving your property. It is interesting to remember that the only guilty verdict that was handed down in the O.J. Simpson matter was by the judge who awarded a settlement to be paid by his liability insurance the family of one of the murder victims. Hopefully, such drama will not arise from you liability insurance policy, but it is good to make certain that a claim arising from your actions is covered. For example, if you have the lobby floor waxed in the apartment building you and a tenant slips and falls, your company should pay the tenants claim.
by Sally.Anderson 19 years ago