Liability Insurance

Agnus · Mar 4, 2004

How many of you have private liability insurance (e.g. not through your employer)?
Can you share why you believe it's important to carry it and any tips on what to look for in a provider?
Thanks in advance!

Insurance is designed to protect MY assets. If I have no assets or if I feel comfortable loosing all my assets there is no reason for me to carry it. Except where the law dictates.

Let me give you an example. I own controlling shares in a Corp. I am on the Board of directors and am an officer of the Corp. I and the other share holder and director agreed that if we something were to happen and we loose everything in the business "Oh, well." There fore our investment in insurance is only the minimum required by law.

Now if it would devistate us of course we would carry enough to cover our losses. It is foolish to carry say a million dollar poloicy if that amount exceeds your assets.

As a Corp. director we have access to the finest corp. lawyers. Their advice is this. No lawyer takes a case before investigating the assets and insurance coverage that he can collect on. If the person or business being sued is up to thier eyes in debt and has little in the way of assets (they are all encumbered due to debt) and there is only minimal insurance in place they tell the potential client (plaintiff) they have no case.

Where my nursing license is concerned if I loose it. "Oh well." I got along fine before I got the license. I will not provide easy pickings for a hospital or a patient for a law suite. If the hospital wants to pass on the blame they will end up paying in the end anyway.

Being named in a suite does not make you automatically responsible for something.

Yes attorney fees are high. But LIke I said. It would not devistate me if I lost. So I would not be divistated if I did not have counsel.

You may not feel so comfortable with this and may want insurance.

It is just I have lived though enough to realize that the world does not end that easily.

To add to the above. I have 3 personal friends that specialize in personal injury law suits. (Ambulance chassers) They also are the best at what they do and they confirm what our corp. lawyers have told us.