Who wants to be the guy asking his five year old " Now....., where did you get those matches?", as he sees his, not to mention his two neighbors homes, engulfed in flames? Not you, not me. That is also a tad bit worst case scenario, most fire departments are pretty quick and it's only your home that burns down.
Liability can arise from daily tasks almost all of us perform, like driving. Remember the five year old, just add 11. Liability arises from everyday business that takes place and provides people an income. Liability can arise from advertisements. You've heard of bodily injury, well don't forget about their feelings and or reputation, it's called personal injury. Amazing times we are living in. How is an individual going to function and create an income with all these different liabilities arising from his daily ventures? Not to mention some of, or all of, his childrens' activities. Liability is out there and attorneys take it seriously, the attorneys client has to be made whole, or in other terms, they have to recover from the damages and recover for damages. So how much liability coverage does the average Joe six pack need then, and how does it differ in relation to his profession.
Liability comes in different sizes, and so does liability coverage, after all transporting hazardous materials is more dangerous than transporting milk... isn't it? Wouldn't being a neuro surgeon create a greater liability as opposed to being a family practitioner? And after all that, your kid can throw rocks threw someone's windows. Don't forget people have been at fault for rear ending the car in front of them, after being rear ended! One would then have to agree it makes sense coverage comes come in different sizes and packages depending on the liability. As a homeowner you have assets to protect. As a multiple property owner you have greater assets to protect. Your home burning down costs more to repair than repairing the car you rear ended. And then of course you have the guy who fell asleep driving hazardous waste and crashed into the gas station, however that's another worst case scenario, unless you're an oil tanker in the northern gulf of Alaska.
Just remember P&C doesn't stand for pennies and change unless you're the agent. Liability insurance can cost a few dollars. The nice part being it can cover quite a few more dollars than it costs. Multiple property owners, or highly paid individuals might include an umbrella along with their different policies. An umbrella is a vehicle for covering your excess liabilities or protecting your numerous assets. I mean all it takes to create millions of dollars of liability is something as simple as your tour bus driver dropping your waste cargo onto a boat under the bridge your crossing. Simple enough mistake, right?
So just how much is your liability worth? Ever reviewed your coverages in regards to your business insurance? How about your homeowners, or even your auto insurance? You should always be aware of what level of protection that premium is paying for, as well as how well it covers the liability your creating adverse to your assets. Some court rulings have provided astronomical settlements in the name of liability. Just remember a certain coffee spilling incident after someone left the drive through. After someone left the drive through? Yeah after someone left the drive through, and someone spilled coffee, nonetheless, allover themselves. Just didn't imagine after ordering coffee, that it would be hot coffee. Surely if it's cold they wouldn't return and ask "why is this cold?" So by any means be careful what you serve to who, some people can't figure out to make sure hot coffee is secured before driving off.
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