If an accident occurs and you go to court and are found at fault ,and the award of that claim filed against your company surpasses the liability confines of your existing BOP liability coverage, then an excess liability policy would then take effect.
For example: The claimant is awarded 1.5 million dollars. The liability part of your BOP insurance policy only covers $1,000,000. An excess liability insurance policy will take effect and cover the $500,000 shortage.
Businesses who operate in any state are mandated by law to have a minimum amount of insurance coverage. If you feel as though the state minimum is enough or it’s not needed for your industry, that’s fine…it’s your company.
We all live, work and play with in a society where suing a company seems to be the norm, and sometimes financial judgements are ridiculously high. You’ve worked and struggled a long time to get where you are, and you have a lot to look out for. You deserve the right policy at the right value.
For a free Excess Liability Insurance quote from Donigan Insurance you can either phone us at 315-428-8600 or fill out our online application above for a free quote today.