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Punitive damages can be enormous and damaging to a corporation. Lawsuits can be very expensive – not just because of legal fees and lawyers, but also because of awards for compensation. And if damages are awarded in addition, the costs can skyrocket.

In this increasingly litigious world, every business – large or small – needs insurance to protect them from the large costs associated with lawsuits. While it is nice to think that punitive damages will never happen to your business, there is a real danger that something might go wrong, and that’s when proper insurance coverage will be your best protection.

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