9 people found this helpful. The commercialization process allowed us all to see that our thousands of man hours had not been spent in vain, and our product would soon be available to the people we created it for. 4 people found this helpful.
But with liability law suits on the rise and attorneys seeking larger awards, the risk is very real. Most home insurance policies cover only liability claims up to $300,000 for personal liability and most automobile policies provide up to $250,000 per person and $500,000 per accident for bodily injury. Amounts for claims covered by property damage are lower, typically around $100,000.
Commercial General Liability Insurance is an essential safety net when you don't have deep pockets because it can provide funding when things go wrong. Let's look at a few examples of the lawsuits this policy can cover. Small business lawsuits cost between $3,000 and $150,000. If a customer is hurt on your property, General Liability Insurance can help pay for their immediate medical expenses or your legal expenses when they sue.