Specialty Liability CoverageExcessive costs of the tort system can adversely affect businesses and individuals, and a number of studies have identified negative externalities of elevated liability risks.1 Accidents can happen no matter how well a business is run. The expenses involved in defending a lawsuit can prove to be devastating, whether or not the organization is found to be at fault. Fortunately, there are various forms of liability insurance that may help offset unforeseen costs (up to the policy limits) that could consume your business's profits or ruin its longer-term prospects. The liability coverage offered with a business owners policy helps protect against risks associated with property damage, bodily injury, and personal and advertising injury. However, different kinds of coverage may be warranted for businesses exposed to special risks that may not be included in a standard policy.
As your business grows, you could encounter new risks, and you may want to expand coverage based on the size of your staff and/or the value of equipment and other assets. The appropriate liability coverage could help defray some of the legal costs that might otherwise stifle your business or harm your personal financial situation. 1) U.S. Chamber Institute for Legal Reform, 2018
The information in this newsletter is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Broadridge Advisor Solutions. © 2020 Broadridge Investor Communication Solutions, Inc.
|