subject: Liability Assets: Protecting Your Assets [print this page] Your liability assets are the strongest part of your financial background. They are also your most endangered assets because they can be involved in unexpected accidents. You want to make sure you're prepared for these accidents by protecting yourself with insurance.
When an unexpected accident occurs and someone is hurt it is not uncommon for a lawsuit to follow searching for a payout to cover any costs related to the accident and medical care. If the accident happened at your home or involved your car or truck then you might be the recipient of the lawsuit.
Obtaining liability insurance for your vehicle and property will act as asset protection and help you cover costs that may accrue in the event of an accident.
If you have a small business, get small business insurance. You must accept that no matter how you and your employees observe safety and the orderly conduct of business, someone could still meet an accident.
An on the job accident could be an employee who slips on some water on the floor or falls on the stairs.
When you have liability insurance you can rest assured that you are covered financially in the event of a lawsuit. Without the insurance you would be financially responsible yourself.
In addition to insuring your small business you can set the business up as an LLC (limited liability company) which helps to protect your personal assets in the event of an unforeseen accident.
Chapter 13 bankruptcy can actually help you keep your assets from being taken away. The more you know about the law the better you can be protected.
Chapter 13 bankruptcy can help you keep your assets. It is possible to stop foreclosure by planning a new payment schedule against your mortgage and lowering payments over a 5 year period. This is a good example of why it is so beneficial to understand the law.
You can use chapter 13 bankruptcy as another method to insure your assets are safe.
by: David Chang.
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