central - east central Minnesota - | Old Pokey - 10/6/2018 08:36 Today in America, how easy is it to get past the liability limitations of an LLC? No, I'm not in trouble, nor having any issues. But my insurance is due and the premium even for the second year with no claims is pretty near cost prohibitive. A new insurance agent suggested that for my "hobby" business, I consider dissolving the llc and go with an umbrella personal liability policy equal to the limits that I have now for the llc. The premium is quite affordable and the company has a reasonable reputation. I plan to ask my lawyer monday for his view, but I am getting so many differing views from all I ask, that I figured I'd ask here too. On average, how often does a court get beyond an llc that bank'os when the insurance runs out? You have all the logical answers right there in the three responses above - I can add no additional helpful info, except, that is why the insurance is so high. It keeps you whole . . . . . Your new insurance agent seems to know what he's talking about and willing to sell what you need and not take advantage of the situation (offering a different idea to a problem, with savings and protection). I don't know what your liability limits are, just make sure you are adequately covered, not to over do it, but enough so you stay whole.. Ask the new insurance agent the question - what is the process, if the worst were to happen? Has he ever had a insured get sued for liability? So you get some first hand, this is what happened . . . . . My response is also to mark this thread for future reference - this question comes up too often and is very well spelled out, for those that need info for the future. can be referred to this thread. Thanks for Asking the Question |
LLC. question.
