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Employer’s Assets are Fair Game

Congratulations! You are open for business.  You’ve set up shop and hung out your shingle.  You have probably prepared yourself by purchasing an insurance policy. Unfortunately, in today’s increasingly litigious society, a general or professional liability policy still leaves you exposed and vulnerable.   One statistic states that 19 million lawsuits are filed each year. If you own a business, investment properties, or are a professional, you may have a one in three chance of being named in a lawsuit.

If you are named personally in a lawsuit for something your policy excludes, your personal assets become fair game– home, financial accounts, life insurance policies that have a cash value, real estate, businesses, cars, electronics, investment portfolios, collections of art, antiques, etc. Lawyers are expert at identifying gaps and exclusions in insurance policies and consequently will go after damages that exceed your policy coverage.  They will come to huff and puff until they blow your house, your bank account, and any other personal assets all down.  An additional insurance policy may be necessary to make sure you don’t lose everything to the big bad wolf.

Most insurance policies cover general areas of liability but within those areas are dozens of exclusions. An XINSURANCE agent can help you determine areas of your business that may need extra coverage to protect your personal assets from being up for grabs. If you have a commercial general liability policy, for example, you may be covered for bodily injury or property damage to a third party but any instance involving pollution or transportation liability would be excluded. Another area of coverage is personal and advertising liability but you would not be covered for breach of contract, or libel.

Policies from XINSURANCE can protect you from catastrophic loss.  An XINSURANCE policy can replace up to 90% of the value of the lost assets in the case of a judgment against you. Peace of mind that your hard earned assets and the business you have built from the ground up are safe from hungry lawyers and their clients is priceless. Talk with an XINSURANCE agent to get the protection you need.