What is the minimum insurance coverage required per incident for a registered firm?

What is the minimum insurance coverage required per incident for a registered firm?

• A. $25,000
• B. $50,000
• C. $100,000
• D. $150,000

Answer: (B)

The minimum insurance coverage required per incident for a registered firm is established at $50,000. This amount is designed to ensure that there are sufficient funds available to address potential liabilities that can arise from fire extinguisher services, including damages or injuries that might occur during operations. Setting this baseline helps protect both the firm and its clients, ensuring that a registered company can cover the cost of claims and damages up to that amount. It reflects a balance between manageable risk for the business and adequate protection for individuals affected by their work, maintaining a standard that supports professionalism and accountability within the industry.

The minimum insurance coverage required per incident for a registered firm is established at $50,000. This amount is designed to ensure that there are sufficient funds available to address potential liabilities that can arise from fire extinguisher services, including damages or injuries that might occur during operations. Setting this baseline helps protect both the firm and its clients, ensuring that a registered company can cover the cost of claims and damages up to that amount. It reflects a balance between manageable risk for the business and adequate protection for individuals affected by their work, maintaining a standard that supports professionalism and accountability within the industry.