Is Your Business Really Prepared for A Worst Case Scenario?

We have a guest blogger on Direct Talk today - Phil Wolf of the Insurance Center of Durham.

An electrical contractor glanced down at his clipboard to see where his next appointment was, and hit a pedestrian. He is at fault, but fortunately his company carried a $1 million business auto insurance policy. The pedestrian, however, suffers traumatic injuries resulting in a $2,500,000 claims settlement. Who will pay the additional $1.5 million?

A farm equipment manufacturer had a very bad year when multiple customers filed claims for injuries caused by improper design or negligence in the manufacturing process. With three months left in the policy term, the company’s $2,000,000 products liability aggregate coverage (under the general commercial liability policy) has been exhausted. A fifth claim for $300,000 is brought forward. Who will pay this claim?

In both of these cases, a commercial umbrella insurance policy would pay the difference. Umbrella policies are designed to provide protection against catastrophic losses, over and above various primary liability policies (such as a business auto policy (BAP), a commercial general liability (CGL) policy, or employer’s liability coverage). Umbrella policies also may provide additional funds for defense of a claim.

An umbrella policy may be a great safety net for your business.

Phil Wolf attended North Central Michigan College and served in the Michigan National Guard. He has ten years of experience in the insurance industry and is a vital member of the Insurance Center of Durham team. His specialty is protecting the assets of seniors who want to live a longer, healthier life.

Phil is past president, Board of Directors for Triangle Day School and currently serves as a member of the Judea Reform Congregation and the Durham Community Land Trust. Phil is married and has three children.

Phil Wolf

-Specializing in Protecting Your Dreams-

The Insurance Center of Durham

1920 Front Street, Suite 710

Durham, NC 27705

Office: 919-471-2541

Toll free: 800-420-9910

Cell: 919-812-1483

www.insurancecenterofdurham.com

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