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.
Be aware that most private individuals do not carry large amounts of liability insurance. Unless the homeowner purchases personal umbrella liability coverage, limits on the homeownerâs or tenantâs package policy are likely to be in the vicinity of $300,000 to $500,000. However, the risks involved in a private party event may be just as severe as those in a commercial contract.