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Liability Insurance

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1. Legal liability limits of $1 million are no longer considered high or unreasonable even for a small business. _____ _____
2. Most liability policies require you to notify the insurer immediately after an incident on your property that might cause a future claim. This holds true no matter how unimportant the incident may seem at the time it happens. _____ _____
3. Most liability policies in addition to bodily injuries may now cover personal injuries (libel slander etc.) unless these are specifically excluded. _____ _____
4. Under certain conditions your business may be subject to bodily injury or property damage claims even from trespassers. _____ _____
5. You may be legally liable for damages even in cases where you used reasonable care. _____ _____
6. Even if a suit against you is false or fraudulent the liability insurer pays court costs and legal fees. If you are found liable the insurer will pay interest on judgments in addition to the liability judgments themselves. _____ _____
7. You can be liable for the acts of others under contracts you have signed with them. Some of this liability is insurable. _____ _____
8. In some cases you may be held liable for fire loss to property of others in your care yet this property normally would not be covered by your fire or general liability insurance. This risk can be covered by a variety of coverage forms depending on the type of property involved. _____ _____

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This article is reprinted by permission of the SBA and The Travelers, Hartford, Connecticut.
For more information on SBA programs go to www.sba.gov


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