Why increased Liability Limits are a must

I have had the discussion with many clients on how much liability limits they should buy. I can honestly say over the last 23 years in the business, that there is no easy answer to this question. Large limits available to plantiff attorneys are a big target. I have had clients that had large umbrella policies and were sued because the insurance policy with all that "money" available was too much for the plantiff attorney's to resist. In other words there is some thought out there that the bigger the limits the more your business is targeted. Then there is the thought that it is easier to sleep at night as a business owner when you have large liability limits protecting your business. As a person who makes their living helping business owners protect their businesses, I say buy as much as you can afford. It is better to have a well protected "target" than to have a "target" that is slim when it comes to liability coverage and limits. Notice that as a small business owner you are a target any way so you might as well have as much protection as you can afford to buy. K

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