Why Excess Liability Insurance is Essential for West Virginia Businesses
Although commercial liability insurance is not mandated by state law in West Virginia, obtaining such a policy is highly advisable. Liability insurance shields your business from potential financial ramifications if you face a bodily injury, property damage, copyright infringement, or defective products/services claim. However, investing in a robust excess liability insurance policy is crucial for businesses operating in industries with a heightened risk for lawsuits.
The Role of Excess Liability Insurance
Excess liability insurance supplies additional compensation once the limits of your primary commercial liability insurance policy have been exhausted. For instance, if you hold $1 million in coverage yet are sued for $1.5 million, your excess liability policy would cover the additional $500,000. It’s crucial to note that not all excess liability policies encompass everything covered by a standard liability insurance policy.
Industries That Benefit Most from Excess Liability Insurance
Excess liability insurance can benefit any business, but companies in certain industries, such as construction, casinos, medical practices, manufacturing, and retail, often have a higher risk profile. Due to their inherent risks and frequent customer interactions, these businesses require extra coverage.
Opting for Mutual Insurance Partners
Mutual Insurance Partners takes pride in offering premium insurance policies tailored to Follansbee, WV business owners’ needs. For more insight into our liability coverage options or to request a quote that aligns with your business needs, feel free to contact us.
