11 Jan Do You Have Enough California Business Liability Insurance?
As a business owner, you probably know the importance of protecting your business’ financial future with California business liability insurance. Where many people make the mistake is not purchasing enough coverage. When someone gets injured on your property or by your products, how much will their medical bills be? What will legal representation cost you? Will there be punitive damages awarded? There is no way to know ahead of time what the full repercussions of a liability suit will be.
Consider one of the most famous liability cases in US history – the McDonalds coffee incident. According to a case outline located on the Oklahoma Bar Association site, Stella Lieback, 79, was sitting in the passenger seat of her grandson’s parked vehicle, having made a purchase at the drive-in. While trying to take the top off her coffee, the piping hot liquid spilled and soaked into her pants. It was determined that she suffered 3rd degree burns on about 6 percent of her body and skin grafts were undertaken. She required over $10,000 worth of medical treatment.
When the matter proceeded to court, Stella was initially awarded almost $3 million however the judge reduced this to $450,000.
Could you afford such a settlement on your own? Not many small businesses could. That is why it is vital to not only have California business liability insurance, but to also have enough coverage to keep your business from going bankrupt after a single costly lawsuit.