How do I determine how much Liability Insurance I need?
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2 Answers
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Talk to other similar (successful) businesses in your area and find out how much they carry. Talk to your attorney and ask what they recommend. Check with your local county/city/state and find out what is required as a minimum.
Between those three you should be able to home in on a good estimate.
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Also, an insurance broker can help you shop against multiple insurers and they have exp. with this type of question. – Michael Pryor 14 years ago
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Brokers are good for getting the best price, but usually still have a financial incentive to sell you more than you really need (note: usually). If you can find a broker for a flat fee who doesn't take commission from the other end, then yeah, that would also be useful. – Russell Steen 14 years ago
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If you're talking GL, most are 1m/2m (occurrence, aggregate). If you're leasing office space, they'll likely have their own requirements.
I just went through this exercise and had a really good experience with http://techinsurance.com.
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