Your specific circumstances will determine the minimum liability coverage needed. For example, if you own a business, you need a different amount of coverage than if you are self-employed. You also need enough coverage to pay for any legal fees that might arise from a lawsuit. Liability policies typically have limits of $300,000 to $500,000 for each occurrence.
For inquiries in the greater Monroe, GA community, consult with Atkinson Casey Agency.
What to Know About Liability Insurance
There are countless factors to consider when calculating the right level of liability coverage. It is best to work with a professional like a broker or insurance agent to help you determine the right amount of coverage. Some of the most important factors to consider when calculating the right level of insurance include your profession, your average earnings, the size of your business, and the location of your business.
The needed amount of liability coverage depends on the value of your assets and the likelihood of a lawsuit. Most businesses have a basic level of liability coverage to protect themselves from lawsuits that may arise. If you own a small business and want to protect yourself from the financial consequences of a lawsuit, you should also purchase business interruption coverage. There is no set amount of liability insurance that everyone needs. The most common liability insurance amount is $100,000.
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In most cases, you will be required to purchase some form of liability coverage when you are operating a vehicle for a commercial purpose. Common types of liability insurance include auto, public, medical, and business insurance. If you are operating a vehicle that is used to transport people or property for profit, you will likely be required to purchase commercial liability insurance. For expert advice, give us a call at Atkinson Casey Agency in Monroe, GA.
