Can You Afford NOT to have Liability Insurance?
Tip brought to you by Mike Colquett, CISR, CIC
Did you know that you do not have to commit any wrong to be sued? If you are sued, who will defend you and at what cost?
Recently one of my clients was sued and they had not done anything wrong. In fact, there was no record of the person filing the suit having ever been there the day of the alleged injury. None the less, they were sued, and they filed the claim with us. Our company defended them, and this case was found in my clients favor without having to go to court. Good news for the client, but it cost the insurance company just a few dollars shy of $40,000.00 to defend this client, and file all of the paperwork. Remember this never went to court.
So, who will defend you and pay your legal expense? If you do not have the proper liability coverage in place at the time the alleged incident takes place, that could and will be you. When you think about it, the cost of liability insurance seems like a real bargain. If you are not certain about your status, check with your insurance professional.