How to protect your personal assets in case of at fault accident?

an LLC or S corporation. If properly organized and operated, will protect personal assets from the claims of business creditors and will protect business assets from direct claims of your personal creditors. However, personal creditors may seek to enforce their judgments against your membership interests or shares of stock in the LLC or corporation that runs the business, and thereby indirectly attack the business assets. If the business is run by an LLC that has two or more members, a personal creditor's enforcement rights likely will be limited to a charging order against your share of LLC distributions, if and when paid. You should consult with an experienced Business Attorney to discuss these issues and select the best structure for your business...

 

No, an llc does not protect assets no matter if it is well organized or not.

C and S corps provide some protection but the vail can be pierced with a good litigation lawyer, aka ambulance chaser.

 

A very large umbrella policy is the best way to go Imo

 

No it's not possible. It's certain they will. Regardless whether you are 1099 or W2 driver they will sue both the driver and the company.

 

If you are the driver and owner there is no protection ... if it’s your fault . you’ll get sued as the driver separately from the Corp .

 

I carried insurance that covered 500K 1M or 2M of Civil Liability at one time or another as a Concealed Carry. I think it was about 10 some dollars a month. There is no point in stopping a bad guy invading your home and scourging your wife when you blast em and the courts take it all from you two after the tearful family sues you in civil.

Warning, Dindus have to travel. Don't come into my place.

Ive been sued twice in trucking. Once for a new replacement car, preferably late model Lincoln MkiV or equivalent (Those were more expensive than Rolls in the 60's) Insurance settled out of court.

The other time was in the Butter plant in Baltimore. Worker was late, he blew the gaurds telling him to STOP and WAIT, because I was docking my big truck into their facility. Eventually he hid under my second drives on the right below the reefer unit and allowed my rig to gently hit him on the drivers door at the shoulder. It's fortunate the hollaring started before I added power to try and over come what I thought was just the trailer rubbing on my drive with that slope.

That suit got laughed clean out of deposition when it was discovered he visited multiple doctors in two days total and got scripts for the good pain medicine all over the city. This was long before there was a Net, long before war on drugs, long before any pharmacy knew each other's medicine history (Monitoring from patient trying to refill) and so on. He essentially wanted me to buy him a 70K house.

Most suits want a mountain of money to be determined. This one was little bit too specific. That got laughed out as well. Never made it to trial. And yes he was unemployed after the company fired him for being late again. This time. (After hitting my ginormous 18 wheeler in a prohibited area against company policy and against gaurdshack commands to wait (Which would make him wait even longer before clocking in.)

People, when things go bad in life sometimes. It's a train wreck. It will constantly derail and make a mess long after it started to come off.

 

My suggestion is to talk to your lawyer and insurance provider about personal liability insurance. Not that there isn't good advice from smart people on this forum but it is mixed in with terrible advice that someone over herd from a lunch counter lawyer.