As an Illinois business owner, you want to do the best you can to set yourself up for success. And one of the best tools you have your disposal is business insurance. But how much coverage do you need to protect your company?
Business Insurance for Chicago Entrepreneurs
Chances are you have heard about million-dollar lawsuits brought against major companies by people who were injured as a result of the company’s negligence. Who hasn’t heard of the McDonald’s hot coffee lawsuit? You may even have thought to yourself how frivolous and unfounded some of those lawsuits were, but the sheer fact that you have heard about them is a good indicator they went to court. Which means those companies were forced to defend against them, spending a lot of money on legal fees.
The questions to ask yourself, is, do I have enough coverage to handle those legal fees, plus pay out a settlement if my day in court ends badly?
Many small businesses think they will never be the target of such a high dollar lawsuit merely because they aren’t big named companies. This thinking is a slippery slope; while some people may increase the dollar amount of their lawsuit because they know a company can pay, smaller companies are still on the receiving end of massive lawsuits.
And smaller businesses are the least adept at absorbing the loss if they are faced to with a lengthy court battle and forced to pay out on a settlement, which is why these companies really do need much more business insurance than they may think.
Carrying the Right Amount of Coverage
Business insurance covers you for a wide array of possible negligence situations, and it is truly one of the least expensive coverages for most businesses. When it comes to deciding how much you need, the simple rule is the more coverage, the better. If the choice is there to increase the coverage, and it doesn’t make a substantial difference in how much you pay in premium, you should always take it.
The expenses of a liability claim can add up quickly, and if you exceed your coverage limits, you will be left to pay any outstanding costs out of pocket. If you have ever been involved or know someone that has been in a lawsuit, you know how outrageous lawyer and court costs can be.
Throw in the amount that a judge may award the claimant, and you are looking at a substantial financial loss.
Business insurance is a simple and affordable way to make sure this doesn’t happen; give us a call to discuss your current business insurance to be sure you are carrying enough coverage and raise the limits if you can. When it comes to business insurance better safe than sorry is always the right way to go.
Business Insurance Quotes
Not sure if you have enough coverage? Give one of business insurance experts a call today to review your current policy or start a conversation about your needs for a new policy at (800) 641-7488.