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Tuesday
May232000

Do Not Get Caught Without Adequate Insurance

Two of our clients are currently dealing with the consequences of fatal accidents. One client has adequate insurance for the claims. The other may not have enough to cover the amount demanded.

Any business, even the safest and best managed business, can suffer an accident that results in property damage, injury or even loss of life. You must have insurance with sufficient policy limits to cover possible losses, and to protect the assets of the business and business owners.

We all have fire insurance on our homes, not because we expect a fire but to move the risk of a large loss to the insurance company in exchange for a comparatively low premium. The same risk analysis applies to business risks - move the cost of catastrophic loss to the insurer.

In general, in this day and time, you should have insurance of at least $1 million. Your industry and its risks may require more! The smartest thing you can do is review your insurance coverage with legal counsel and your insurance agent now and once each year. You can then sleep soundly knowing that your business and your family’s well being are protected if an accident does strike.

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