Liability Protection

+1 on the Personal Umbrella policy above and beyond any commercial insurance I have.

 

Well ok, it is a general statement made from experience. A lot of people refuse to read these threads and look for answers that will qualify what they think is right.

you asked these two questions, to which I will add my comment.

You are at 100% risk of losing everything. You being negligent for the most trivial thing will open the door for a litigate to go after everything you own. These guys dig into your finances and personal life if they smell a penny.

HUGE, which is what my post was about. Regardless of what others say, most have never been sued, let alone been in court so they don't have a clue.

 

The law has seen through that kind of dodge long time now.

Ridgeline is correct, you stand to loose everything but your insurance company will do it's best not to let it get there.

Personally, having worked with individual owner operators leased to a motor carrier over 40 years, I can say that a lot of individuals like having that extra layer.

I had individuals at my last position, just a small percentage, who were there multiple years before I was hired and were still there 11 years later when I retired. They found a spot where they felt successful and stayed.

 

The moment you open your eyes in the morning, you start to assume some risk, only you can answer how much you want to take on.

 

Contact a tax attorney on how to secure assets from judgments. I know the homestead act protects you from bankruptcies but not all judgments can be washed away by bankruptcy. It’s doable just need the right attorney to get it done.

 

Personal injury attorneys sue everyone involved.

 

truck owner
Truck driver
(Both you)

Shipper
Receiver
Broker (if applicable) will all be named