Prime Insurance Agency Blog

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“If not for my Umbrella Insurance… My NJ business would be in ruin”

How insurance foresight saved my life’s ambition.

I worked long and hard to become a leader in my particular industry. Nonetheless, with each notch to the top, I never lost sight of the fact that I could easily tumble and lose it all. Accidents, fire, lawsuits…There’s no shortage to potential causes of business liability.  That’s why I got a  commercial umbrella insurance policy, along with the general auto liability and worker’s comp. When my delivery guy was involved in a tragic multi-vehicle collision in which he suffered  life-altering injury and caused death to three others, I was protected – and so was my future.

WHY YOU NEED TO PURCHASE A COMMERCIAL UMBRELLA POLICY

  • Constantly emerging issues create a greater need for protection. These include: social inflation, scientific advancements, court decisions, new links to causes of bodily injury and/or property damage.
  • The average jury award for general liability premises operations has risen 10.5% each year since 1994.
  • The average jury award for automobile liability has risen 27% each year since 1994.
  • The average claim takes SEVEN years to go through investigation, discovery, trial and jury decision.
  • A $250,000 loss today will be worth $1.3 million in seven years. A $1 million primary policy will not be sufficient.

 Commercial Umbrella Explained

As a business owner, real-time scenarios with serious implications paint a clearer picture. Consider the following:

*  An employee accuses you of discrimination, sexual harassment or wrongful termination

*  Your secretary develops carpal tunnel syndrome; besides surgery, she needs months of physical therapy

*  A passerby slips, falls and breaks his leg on the sidewalk adjacent to your establishment

*  After neglecting to fix the inadequate lighting situation in your company’s parking lot, a worker is attacked and robbed as she leaves late one evening

*  After donating a large sum to your nonprofit organization, a supporter sues the board of directors for mishandling of funds

*As employees enjoy a lunchbreak on your building’s fifth-story balcony, the floor gives way, resulting in death and injury.

 

 
“While the possibilities of what can go wrong literally are endless – and frightening,”says Shaya Ilowitz, Senior Partner at Prime Insurance, “the complexities of business insurance don’t have to be.”

Talk to your insurance professional. When it comes to protective coverage, he’s the best friend you have.

Summary:

You’ve worked long and hard to build up your business. Scenarios for liability disaster include accidents, lawsuits and more. Standard business insurance will not be enough in the event of catastrophic losses.

“While the possibilities of what can go wrong literally are endless  - and frightening,” says Shaya Ilowitz, Senior Partner at Prime Insurance, “the complexities of business insurance don’t have to be.”

Talk to your insurance professional about adding umbrella insurance to your general liability coverage. When it comes to protective coverage, he’s the best friend you have.     


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