Hey I here that u don't need a llc if u got a good insurance policy. My question is what does that mean Wat is usually the coverage for insurance policies that are good. Which companies offer them
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There are 2 types of liabiliuty - criminal and financial.
Criminal liability comes out of you knowingly doing something wrong and someone getting hurt as a result. No LLC or insurance policy will protect you against this.
Financial liability is a function of us living in a litigious society and everyone wanting something for nothing. When people find out you've got money, they want to sue you to get some. The question is: Do you have money? If they sued you, what could they get?
With this in mind, unless you have a lot of money and other assets, an umbrella insurance policy may suffice. An LLC wouldn't hurt, but you are not getting a 30-year Fannnie/Freddie loan with one of those...
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