for all the small carriers who have the minimum liability ins. (100000) what is the chance of getting sued for a accident and the lawyer draining the liability money from the ins. co.and going after your personal assets?
I plan on running a truck under my own authority but I am very apprehensive to put my trust into a llc. corp.
any advice would be greatly appreciated thanks
getting sued ?
Discussion in 'Ask An Owner Operator' started by sir duke, May 16, 2013.
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You end up in a bad wreck, and they will come after you. LLCs or corporations will not shield you or your assets- you're the one behind the wheel.
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Get incorporated when becoming an owner op. It helps in many ways.
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Alot of people put everything on their wife's or girlfriend's name in case they get involved in an accident or lawsuit. Now I understand what im getting into and I only have sole proprietorship and if Im at fault? I lose everything but I have more than $100,000 in ins. I got $750,000 plus the umbrella cov. with my lease com. Alot of Lease Purchase guys at CRST Malone only have $100,000.
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truckon Thanks this.
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minimum liability is 750,000 for commercial carriers, most of us carry 1,000,000. pretty simple for me, if I am at fault for more than that it's a bankruptcy. no way around it.
cetanediesel and volvodriver01 Thank this. -
Trucking Jobs in 30 seconds
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