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If you have 100k in assets and 100k worth of liability insurance wouldn't somebody just be able to sue me for 200k?
Wiki User
∙ 8y ago
What someone sues you for rarely has anything to do with how much insurance you have. As a practical matter, the plaintiff will rarely go after the personal assets of a tortfeasor, unless there are social issues involved (dui) or the defendant has large assets and the injuries are very serious.
no. they can sue for future earnings as well.
Wiki User
∙ 8y ago
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Why Liability equals Assets?
Assets- Liabilities = Owners Equity :)
Disadvantages of a sole proprietorship?
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What are the Largest life insurance companies by assets?
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Anyone who has a job and assets to protect.
What sort of liability insurance does one need for a sole-proprietor transportation business?
Commercial auto insurance General liability insurance Highly recommend you incorporate to remove the liability from your personal assets work comp if you hire drivers
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How do you protect your assets from a lawsuit?
Liability insurance. An irrevocable trust made with the help of an attorney.
What are reasons that one would need to purchase business liability insurance?
Business liability insurance protects a company's assets from a lawsuit. If a business is high risk or doesn't have enough capital to cover a lawsuit, they should have business liability insurance.
When is general liability insurance required?
General liability insurance is required for your business as soon as you have something to protect, whether that be assets, sales, employees, a building, etc. We recommend you buy general liability insurance once you have a location, sales, employees, or anything to lose. GL Insurance helps you protect and defend your business from lawsuits.
Can you get auto insurance with out having a car?
Even if you do not own a car, you still need insurance protection if you drive one. The auto you borrow, rent, or use may have proper insurance coverage, but you also should protect yourself with personal liability protection. Here is how to get it: Ask for the cost of higher liability coverage based on the assets you own and your projections of future income to be protected. For your protection, consider purchasing as much liability insurance coverage as you can afford Ask the insurance company or agent about your state's minimum liability coverage rules. States differ in the minimum liability insurance coverage they require. Analyze your assets, including home, furniture, art, clothing, computer, electronics, and all other personal assets. Get quotes for liability insurance only. Estimate your future income. This is important because, like life insurance, you want to protect your future income as much as possible. This calculation often results in a larger amount than all of your personal assets. I wish you the best
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A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.
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Personal liability insurance is intended to cover you for damage you may cause to others. The amount of insurance you choose to get depends upon your assets and personal financial situation. There may be certain state minimum requirements as well.
What is the General Liability Insurance?
Commercial GL covers your business for damages alledged by a third party including bodily injury and property damage. When you start a company, you should purchase GL insurance when you have any of the following : Sales, assets, employees, a physical location.
Why Liability equals Assets?
Assets- Liabilities = Owners Equity :)
