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.
For example, the policy may include $100,000 for business personal property coverage but limit the amount payable for personal effects and property of others to $2500. 2. Coverage for personal effects and property of others does not apply to theft. That one can hurt. Many businesses reduce their liability risk for uncovered losses of personal property by posting signs that indicate that the business is not responsible for personal items.