Any business can be sued, and juries often award large settlements in excess of one million dollars.
Every business should consider supplementing their standard insurance coverage with umbrella insurance.
Your policy limit on your General Liability, Commercial Auto and Workers Compensation policies might be lower than the judgment award, leaving your business to pay the remaining settlement amount out of pocket. That could put you out of business. Umbrella coverage can fill the gap and protect your company from financial disaster.
Examples of losses paid by The Cincinnati Insurance Company include:
$7.5 million to a 59-year-old man rendered a quadriplegic when his vehicle was rear-ended by a policyholder’s employee
$5.5 million to a young victim of near-drowning due to a policyholder’s failure to properly supervise
$7 million to an employee of a policyholder’s sub-contractor who fell from scaffolding, suffering a severe closed head injury