I worked with a small manufacturing company that had a slip and fall claim at their facility. Their general liability policy had low limits and it became clear that the coverage wouldn't cover the settlement costs. I learned that size of business, type of operations and potential severity of claims should guide your coverage limits. I recommended they re-evaluate their policy taking into account worst case scenarios and value of their assets not just the minimum requirements. Since then I make it a point to help businesses evaluate risk exposure more comprehensively so liability limits align with operational realities and potential claim sizes. Adequate coverage isn't just about compliance it's about the long term sustainability of the business.
"Insurance isn't an expense to minimize it's a safeguard that should grow with your business ambitions." We once faced a situation where a claim exceeded the general liability coverage we had in place, and while it didn't sink the business, it was a wake-up call. The biggest lesson was that coverage isn't just about cost it's about context. Every business has unique risk exposures depending on its industry, size, and growth trajectory. What looked "sufficient" on paper wasn't realistic once the claim hit. Now, we evaluate limits not only with our broker but also against worst-case scenarios that could impact cash flow, reputation, or operations. The balance is making sure protection scales with ambition.