You’re independently wealthy and can pay attorney fees out of of your own pocket.
Got more money than you know what to do with?
Is it burning a hole in your pocket?
Really want to give it away instead of investing it in your business?
OK, then maybe you don’t need a commercial liability policy. Maybe you’ll never sell a product that has a defect (think the auto industry is saying this?). Maybe you’ll never engage in work that has the potential to cause harm to someone else. Maybe you’ll flat out never make a mistake.
But, I doubt it.
People don’t play that way. We produce things or offer services that have the potential to cause distress to others. No one operates in a vacuum.
Do you realize that the #1 function of a commercial liability policy is NOT to pay for bodily injury and/or property damage???????
It’s to provide you legal defense. I’ll say it again- the #1 function of a commercial liability policy is to provide a lawyer to defend you AND pay those lawyer bills up to the limit of the policy.
So tell me- would you rather work your butt off making the small profit you do to just turn around and basically give it away?
OR, would you rather pay a modest premium to assign the worry and stress of legal bills to someone else?