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.
California, for instance, requires drivers to buy coverage for just $15,000 in injuries per person and $30,000 per accident, plus $5,000 in property damage. Maine and Alaska, on the other hand, require bodily injury liability of $50,000 per person and $100,000 per accident, plus $25,000 in property damage. But state requirements arenât coverage recommendations â theyâre just the minimum you must buy to drive legally.