Liability insurance is designed to protect you from expenses incurred from damage to property or physical injury that you are legally responsible for, but it has a limit. Watch this webinar to find out how much liability insurance is enough to protect you when the unexpected happens. By the end of this webinar we hope to give you an understanding of some of the situations that liability insurance can protect you. You should leave this webinar with an idea of why liability insurance is so integral to your financial plan and how much coverage you’d like to have. Find a video recording of the webinar at https://www.armourinsurance.ca/webinar-liability-insurance-how-much-is-enough-recording

1. LIABILITYINSURANCE
1
LIABILITY
INSURANCE
HOW MUCH IS ENOUGH?

2. LIABILITYINSURANCE
2
House Keeping
• This webinar will be recorded
• Ask questions using the Q&A
panel
• Audio options

3. LIABILITYINSURANCE
3
Agenda
• What is liability insurance?
• Types of liability.
• How does liability protect
you?
• How much is enough?

4. LIABILITYINSURANCE
4
Your Presenters
Candace Clay - Speaker
Branch Manager and
Commercial Team Lead
Armour Insurance
Rob Stevenson – Host
Strategic Marketing Director
Armour Insurance

5. LIABILITYINSURANCE
5
What is Liability
Insurance?
T h e B a s i c s

6. LIABILITYINSURANCE
6
What is Liability
Insurance?
• A form of insurance coverage
that pays for damages if
you’ve injured someone or
damaged their property.

7. LIABILITYINSURANCE
7
Who needs it?
• Anyone that is living on their
own and responsible for their
own actions.

8. LIABILITYINSURANCE
8
Is all Liability
Insurance the
same?
• Auto
• Personal
• Commercial
• Umbrella

9. LIABILITYINSURANCE
9
Auto Liability
• Protects the insured in the
event that someone is killed,
injured or suffers property
damage as a result of the
drives negligence.
• Required by law
• Minimum of $200k

10. LIABILITYINSURANCE
10
Personal Liability
• Pays for damages if you injure
someone or damage
someone else’s property.
• Found on Home Owners,
Condo Owners or Tenants
insurance policies.
• Follows you worldwide.

11. LIABILITYINSURANCE
11
Personal Liability
Examples
• Someone’s child is injured while
jumping on your trampoline.
• You catch your hotel room on
fire while burning a candle.
• You break a window or hit
someone while playing baseball.

12. LIABILITYINSURANCE
12
Commercial
Liability
• Protection for your business
against claims for bodily
injury and property damage
to 3rd parties.

13. LIABILITYINSURANCE
13
Umbrella
Liability
• A stand alone extra liability
policy.
• Only pays when the primary
policies limits have been
exhausted.
• Additional layer of security.

14. LIABILITYINSURANCE
14
How does Liability
Insurance Protect
You

15. LIABILITYINSURANCE
15
How it works.
• Liability is purchased up to a
certain limit.
• Damage or injury is caused.
• Complainant files a suit or claim.
• The liability policy pays up to its
limit (if negligence is proved)

16. LIABILITYINSURANCE
16
An Example of
Auto Liability
• Salmon arm man is seriously
injured when an Alberta
driver collides with his car.
• The victim is unable to return
to work.
• Victims lawyer files a claim.
• $1.1 Million is awarded
• The insurer of the Alberta
vehicle pays up to the Alberta
drivers liability limit.
• The driver pays any
remainder.

17. LIABILITYINSURANCE
17
The Outcome
• Once a claim exceeds the policy
limit you will be responsible to
pay the remainder.
• If the insured had the minimum
($200k) coverage, he would owe
$900k personally.

18. LIABILITYINSURANCE
18
How much is
enough?
H o w t o f i g u re o u t h o w m u c h c o v e ra g e
y o u s h o u l d c a r r y.

19. LIABILITYINSURANCE
19
What is your
current situation?
• How much do you have?
• What do you think your risks
are?
• Find out how to get enough
to cover what you need.

20. LIABILITYINSURANCE
20
How much is
enough?
• Most insurance policies come
with $1 million.
• We now recommend no less
than $2 million.
• Can you get more?

21. LIABILITYINSURANCE
21
Conclusion &
Questions
T h a n k y o u