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Not Enough Insurance? Texas plant that blew up only carried $1M in liability insurance

This is perfect example why manufacturing facilities should be regulated when it comes to buying insurance to protect the people in case of an accident.  This was reported by fox news in regards to the insurance carried.

McALLEN, Texas –  The Texas fertilizer plant that exploded last month, killing 14 people, injuring more than 200 others and causing tens of millions of dollars in damage to the surrounding area had only $1 million in liability coverage, lawyers said Saturday.

Tyler lawyer Randy C. Roberts said he and other attorneys who have filed lawsuits against West Fertilizer’s owners were told Thursday that the plant carried only $1 million in liability insurance. Brook Laskey, an attorney hired by the plant’s insurer to represent West Fertilizer Co., confirmed the amount Saturday in an email to The Associated Press, after the Dallas Morning News first reported it.

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This amount of insurance will not even cover the hospital bills of the injured and damages done by the plant. So the question is should these companies be required to carry a certain amount of insurance?