Remember that conversation with your insurance broker about increasing your liability limits from $1 Million to $2 Million? What did you decide?
Unfortunately in this day in age, the $1 Million limit on Liability Insurance is not an amount you should be satisfied with. In our office, when we see a claim letter come across our desks, clients now a days are being sued for amounts much higher than $1 Million.
We just had a copy of a letter that was sent to one of our clients that states:
“Due to your recent claim, the Third Party has put forth a lawsuit against you seeking $2 Million in damages. Your current policy limit is only $1 Million.”
This type of scenario happens more frequently these days then we believe it should. Especially when you can increase your liability limit to $2 Million for sometimes as low as $3/month.
We do suggest you call our Oshawa insurance brokerage to review your current policy and we will gladly provide you with a quote to increase your liability limit on your insurance. If you ever have any questions, or would like to review your policy, please contact our office and one of our licensed brokers will be happy to complete a full review of your coverage.