Small business owners across the country report double-digit increases in general liability and professional indemnity premiums at renewal. The hardening market reflects an uptick in litigation and nuclear verdicts in commercial cases.
Industry groups are lobbying for tort reform measures at the state level to curb what they describe as excessive jury awards. Plaintiffs' attorneys counter that accountability must not be sacrificed for corporate savings.
Brokers recommend that small businesses review coverage limits annually and explore umbrella policies to guard against catastrophic claims.
