Domestic Asset Protection Attorney
International Asset Protection Attorney About us FAQ Books & Publications Seminars Links & Resources Contact Us
Corporations
Limited Liability Companies
Limited Liability Partnerships
Limited Partnerships
Asset Protection Trusts
Domestic Asset Protection Trusts
Equity Stripping
Financial Planning Exemptions
Tenancy By The Entirety
Charging Order Protection
International Entities
International Trusts
Captive Insurance Companies
Business Entities
Contract Formation and Review
General Business Counsel
Business Succession Planning
Current Estate Plan Review
Drafting Wills and Trusts
Incapacity Planning
Probate Administration
Charitable Remainder Trusts
Online Asset Protection Quiz.

If I have liability insurance, do I still need an asset protection plan?

That’s an excellent question. Let’s put it in perspective. Liability insurance is important, but liability insurance can’t replace the other ways to protect yourself. Liability insurance insures only one in three lawsuits. So most lawsuits aren’t covered. For example, you may be sued for breach of contract, a defaulted loan, or family dispute. The possibilities of an uninsured claim are endless. Nor does insurance fully cover every claim. How good is your million-dollar liability policy if you’re sued for two million? And with today’s unpredictable, ludicrous jury awards, who can be certain they won’t be hit with an excessive judgment? Nor can you overlook those countless policy exclusions and loopholes. You can’t even be certain that your insurance company will be in business when you’re hit with a claim? Insurance companies – like other companies – do go bankrupt. We strongly recommend buying liability insurance. It’s a smart first step for protection and risk management. Also buy as much liability insurance as you can reasonably afford. But make liability insurance only your starting point. It can’t replace a solid asset protection plan that will fully protect you against every size and type claim.

Categories: Asset Protection
The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
Phone: (561) 953-1050
Website: