In Reference to judges awarding monies for substandard performance:
Your reference is to an error\'s and omissions claim, not general liability. The limits of your policy have no bearing on the limits of a lawsuit. You and your personal property become fair game for any loss/settlement amount above and beyond you liability insurance limits. Your insurance policy will only cover you to the extent of your stated limits, and in many GL policies, that amount includes cost of defense. The LLC places your personal assets out of the reach of such actions. It also has other legal ramifications however, and you should consult an attorney regarding the laws in your state and your personal circumstances. You can then make an educated decision regarding whether or not you need additional assistance regarding a LLC or feel secure in handling the matter yourself. The cost of a 30 minute session might just save your bacon. A parent claiming that your studio flash permanently damaged a newborn\'s eyesight or a passerby in the park tripping over you bag while you shoot an engagement session and claiming sever injury are just a few examples of the type of things that can be claimed against your liability policy, and the limits of your policy will have no bearing on the amount the claimant\'s attorney will file for against you nor the amount a jury can award.
Your reference is to an error\'s and omissions claim, not general liability. The limits of your policy have no bearing on the limits of a lawsuit. You and your personal property become fair game for any loss/settlement amount above and beyond you liability insurance limits. Your insurance policy will only cover you to the extent of your stated limits, and in many GL policies, that amount includes cost of defense. The LLC places your personal assets out of the reach of such actions. It also has other legal ramifications however, and you should consult an attorney regarding the laws in your state and your personal circumstances. You can then make an educated decision regarding whether or not you need additional assistance regarding a LLC or feel secure in handling the matter yourself. The cost of a 30 minute session might just save your bacon. A parent claiming that your studio flash permanently damaged a newborn\'s eyesight or a passerby in the park tripping over you bag while you shoot an engagement session and claiming sever injury are just a few examples of the type of things that can be claimed against your liability policy, and the limits of your policy will have no bearing on the amount the claimant\'s attorney will file for against you nor the amount a jury can award.
May 03, 2013 at 12:34 PM
Previous versions of mjgphotoz's message #11528094 « I'm switching to an LLC »
