Quantcast
answersLogoWhite
notificationBell

Top Answer
User Avatar
Wiki User
Answered 2015-07-16 19:32:36

What someone sues you for rarely has anything to do with how much insurance you have. As a practical matter, the plaintiff will rarely go after the personal assets of a tortfeasor, unless there are social issues involved (dui) or the defendant has large assets and the injuries are very serious.

no. they can sue for future earnings as well.

001
🙏
0
🤨
0
😮
0
😂
0
User Avatar

Your Answer

Still Have Questions?

Related Questions

Who needs liability insurance?

Anyone who has a job and assets to protect.


Does insurance go under assets or liabilities?

If insurance paid in advance then it is asset but if insurance benefit taken and payment not made then it is liability.


What are reasons that one would need to purchase business liability insurance?

Business liability insurance protects a company's assets from a lawsuit. If a business is high risk or doesn't have enough capital to cover a lawsuit, they should have business liability insurance.


What sort of liability insurance does one need for a sole-proprietor transportation business?

Commercial auto insurance General liability insurance Highly recommend you incorporate to remove the liability from your personal assets work comp if you hire drivers


How do you protect your assets from a lawsuit?

Liability insurance. An irrevocable trust made with the help of an attorney.


When is general liability insurance required?

General liability insurance is required for your business as soon as you have something to protect, whether that be assets, sales, employees, a building, etc. We recommend you buy general liability insurance once you have a location, sales, employees, or anything to lose. GL Insurance helps you protect and defend your business from lawsuits.


Can you get auto insurance with out having a car?

Even if you do not own a car, you still need insurance protection if you drive one. The auto you borrow, rent, or use may have proper insurance coverage, but you also should protect yourself with personal liability protection. Here is how to get it: Ask for the cost of higher liability coverage based on the assets you own and your projections of future income to be protected. For your protection, consider purchasing as much liability insurance coverage as you can afford Ask the insurance company or agent about your state's minimum liability coverage rules. States differ in the minimum liability insurance coverage they require. Analyze your assets, including home, furniture, art, clothing, computer, electronics, and all other personal assets. Get quotes for liability insurance only. Estimate your future income. This is important because, like life insurance, you want to protect your future income as much as possible. This calculation often results in a larger amount than all of your personal assets. I wish you the best


What are the advantages of being a limited liability company?

A limited liability company, or LLC, is its own entity and can possess assets, property, and liability. This allows you shield your personal assets from the assets of the limited liability company.


How much personal liability car insurance do I need?

Personal liability insurance is intended to cover you for damage you may cause to others. The amount of insurance you choose to get depends upon your assets and personal financial situation. There may be certain state minimum requirements as well.


Does liability equals assets plus equity?

NO! The accounting equation isAssets = Liability + Owners EquityTherefore if you want to change the formula around the following would be correct.Liability = Assets - Owners EquityorOwners Equity = Assets - Liabilities


Why Liability equals Assets?

Assets- Liabilities = Owners Equity :)


Liability Insurance?

In today’s world of legal dispute, lawsuits against businesses are everywhere in Fort Myers, Florida. As a business owner you need to be prepared to protect the integrity of your company; if an accident or mistake turns into a claim. John Perry Insurance Agency understands that mistakes can happen. We are here to help you create a professional liability policy that keeps your day to day operations protected should your business be held legally liable. Get a quote! Contact a John Perry Insurance agent today to prevent mistakes and errors from becoming major losses for your business. Call 863-777-4966.


What is the effect on accounting equation if assets increases?

accounting equation assets = liabilities + capital so if assets increases either liability or capital will increase for this purpose 1. assets means both long term assets and short term assets 2. capital means owners equity 3. liability means outsliders liability


Is purchase returns an asset or liability?

purchase return is assets or liability or expense


How are assets and liability treated?

If asset is increased it is Debited in Ledger and if liability increases it is credited. Accounts Receivables are treated as assets. Both Assets and Liabilities are shown in face of Statement of Financial Position.


What does the term 'assets under management' mean in insurance industry?

AUm of insurance companies is total investments recorded in the balance sheet plus the asset held to cover linked liability


What type and how much general liability insurance does an LLC need?

This is not an easily answered question. The amount of general liability insurance need varies depending on what the business does, what their assets are, and several other factors. It will differ based on several factors and may differ on situations individual to each business.


What are the basic element of balance sheet?

1. Following are the basic elements of balance sheetCurrent AssetsFixed AssetsOther AssetsOwners EquityCurrent LiabilityLong term liability


Are intangible assets included in liabilities?

Intangible assets are assets like other assets just they cannot be seen by eye or feel by hand but as they are assets they are included in assets and part of liability.


What is umbrella insurance?

Umbrella insurance is an alternative security that offers extra coverage of liability beyond that of the homeowners or car insurance policy. Your home or auto plans kick in first if the unexpected occurs and you are sued, and your umbrella insurance protects the excess until the limits have been hit.


Are fixed assets a liability?

Fixed assets are not liabilities, they are assets that can not be quickly liquidated (turned into cash). If the company goes under, fixed assets would be difficult assets to get cash for.


What were insurance companies' assets in 1992?

Insurance companies controlled about $1.6 trillion in assets in 1992


Are longterm care health insurance policies assets that can be seized in a bankruptcy?

No...they have no liquadation value. Actually, it's not an asset...but rather an expense or liability (for the amount of the contract payment).


How much liability does a 59 year old need to carry?

A person's age has nothing to do with how much liability insurance they need to carry. It really depends on how much damage and injuries they plan on doing to someone if they hit them in an accident that is the 59 year old's fault. The actual answer is as much as you can afford because you don't know how much damage you may do in an accident. If the person has assets they need to purchase liability insurance in an amount that at least exceeds the value of their assets. This is not to say that they could not be liable for an amount more than their assets as they could have their wages and income garnished for the rest of their life.


Insurance for Your Auto?

When you are looking for insurance for your auto, there are several things that you will need to take into consideration. Obviously, you need to be sure that you are meeting the minimum legal requirements. On top of that, you will need to decide how much coverage is most cost effective for you. Your income is an important factor, but your assets are as well. Liability insurance should be used to protect your assets. Your assets also determine how much you can pay to fix damage to your own car, and you can increase your deductible accordingly to lower premiums.


Still have questions?

Trending Questions
How to Make Money Online? Asked By Wiki User
Best foods for weight loss? Asked By Wiki User
Unanswered Questions
How old is zak beggans? Asked By Wiki User
Does arsenio hall have ms? Asked By Wiki User