Does business liability insurance protect the ‘business owner’ if they are named in a lawsuit related to business?
Answer: There are different types of business liability insurance policies: General, Professional, etc. Generally speaking, the potential direct personal liability of a business owner in a business lawsuit varies based on the facts and circumstances. Also, business owners can be named personally in business lawsuits whether factual or frivolous. For example, business and personal liability insurance companies normally provide legal defense in lawsuits; however, the insurance company attorney, while defending a business owner or individual, is working for the insurance company and is primarily concerned with avoiding or minimizing the insurance company’s liability damages under the policy. In many lawsuits, there are circumstances that can cause a business or individual to employ their own attorney in addition to the insurance company attorney, to properly defend themselves on all issues or possibly counter sue the plaintiff. You can review example insurance industry articles on what General Liability insurance covers at the following websites:
Operating as a Chartered Life Underwriter, Rebecca specializes in life insurance for business and estate-planning purposes. Rebecca's background also includes regional management and sales positions with leading insurance firms such as Parker & Company and Old Mutual Financial Network. In addition to her consultative support, she also acts as the Director of Life Sales for Tarkenton Financial.
What are the adv/dis of a “Strategic Alliance”?
I’m establishing an LLC in just my name, would it be a good strategy to put all our personal bank accounts and investments in my wife’s name?