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.
The company might be involved in liability issues if someone seated in the leased car is hurt at the time of an accident. To avoid this, the amount of coverage required is $100,000 per person and $300,000 per accident. You are also required to carry minimum liability coverage of $50,000 towards property damage.