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If I have an LLC business that provides personal assistant

services and the only business...
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?
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Answered in 1 minute by:
4/24/2013
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,803
Experience: 32 years of experience practicing law and a businessman.
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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.



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Customer reply replied 4 years ago

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


 

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.
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Customer reply replied 4 years 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?

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.
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Customer reply replied 4 years 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?

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!
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Customer reply replied 4 years ago

Ok did that. Thanks again.

My pleasure! Take care!
Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 55,803
Experience: 32 years of experience practicing law and a businessman.
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Richard
Richard
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