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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 46896
Experience:  Attorney with 29 years of experience.
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If I have an LLC business that provides personal assistant

Customer Question

If I have an LLC business that provides personal assistant services and the only business assets I have are my phone and computer do I really need business liability insurance. I have personal assets such as home, cars, savings etc but aren't those protected by my LLC?
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. You do not. Being that the LLC is a limited liability, any creditors, judgment or otherwise, of the LLC can look only to the assets of the LLC. Your personal assets are not at risk. Those, if your LLC has no real assets to go after, it really makes no sense to spend money insuring the LLC.



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Customer: replied 1 year ago.

Are there any loopholes where someone could get to my personal assets? I provide services such as errand running, organizing, cooking etc.


 

Expert:  Richard replied 1 year ago.
As long as you don't co-mingle assets and bills, by paying LLC bills from your personal account or vice versa, a creditor would not be able to pierce the corporate veil to go after you personally. There are exceptions to where you could be liable, but insurance would not cover these anyway.....those exceptions are employment taxes that aren't paid and debts which you personally guarantee.
Customer: replied 1 year ago.

I also take people's cars for service such as oil changes. I have a non-owner vehicle release that I have them sign. Is that, along with my LLC protection, enough if I were to cause a fatal accident with someone's car?

Expert:  Richard replied 1 year ago.
Thanks for your follow up. Yes, that should be sufficient. You would also want to have them provide evidence of their insurance on the car. You should, however, realize, that were to cause a fatal accident, that the plaintiff is going to sue everyone, including you personally in that situation. So, you would likely incur legal expenses getting yourself extricated from this suit. The release signed would not restrict the injured party from filing suit. You will want to make sure your own personal insurance policy covers you for this event; if not sufficient, you would want to purchase an individual umbrella policy.
Customer: replied 1 year ago.

Thank you. You've been very helpful and saved me over $500. Will I receive these answers in an e-mail also so I can have a copy for reference?

Expert:  Richard replied 1 year ago.
You're welcome...it's been my pleasure. Under our terms of service with JustAnswer, we are not allowed to communicate by email, so I'm unable to send you an email. But, if cannot print these, you can copy and paste them into a Word document that you could then save. I'm sorry!
Customer: replied 1 year ago.

Ok did that. Thanks again.

Expert:  Richard replied 1 year ago.
My pleasure! Take care!
Richard, Attorney
Category: Legal
Satisfied Customers: 46896
Experience: Attorney with 29 years of experience.
Richard and 3 other Legal Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Expert:  Richard replied 1 year ago.
Thank you also for the bonus! I appreciate your kindness!

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Richard
Richard
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Attorney with 29 years of experience.