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Why Business Insurance is a MUST Even if You Have an LLC 

All Up In Yo' Business with Attorney Aiden Durham
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Guess what?! Operating as an LLC is NOT a replacement for business insurance. Having business insurance for LLC is the first line of defense to protect your business liability AND your personal liability. General liability insurance for small business is still a must.
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Get more free info from my ultimate New Business Checklist: bit.ly/37eEO0v
Looking for more resources to help you start and run your business? I've put together a list of my FAVORITE business things! Check it out at bit.ly/3b83oXQ.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by 180 Law Co. LLC, with its principal office located at 1580 N. Logan St., Ste 660, PMB 92925, Denver, CO 80203. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with 180 Law Co. LLC or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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#AllUpInYoBiz #smallbusiness #businesstips
00:00 Intro
01:00 Why do I need insurance if I’m forming an LLC?
01:20 What business insurance does
03:35 What an LLC does
04:07 What happens if you have an LLC without insurance
06:45 What happens if you have an LLC with insurance
08:20 Outro

Опубликовано:

 

8 авг 2024

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Комментарии : 27   
@vanguy9780
@vanguy9780 6 месяцев назад
Hi Aiden. You do a great job of explaining things. Just one correction. Insurance companies don't just pay out claims anymore. They only pay when they are sued and lose.
@kirstenpennington3485
@kirstenpennington3485 4 месяца назад
Thank you so much for this video, so helpful and makes sense why insurance is definitely a must!
@adibiip
@adibiip Год назад
Super informative video, thanks for posting!
@a7xfanben
@a7xfanben 2 месяца назад
Good explanation, thank you!
@lajourdanne
@lajourdanne Год назад
Can you give an example for people who don't have an office/property/physical location? I think most small businesses these days won't experience a customer falling on their property, or even have employees.
@allupinyobiz
@allupinyobiz Год назад
It depends on the type of policy and exactly what it covers. But for example, it could cover lawsuits related to false advertising claims, maybe libel/slander, breach of contract, IP infringement, data breaches, damage of somebody else’s property, etc. Imagine anything you could possibly get sued for, there’s probably some kind of insurance for it.
@lajourdanne
@lajourdanne Год назад
@@allupinyobiz thank you so much! Very helpful!
@mrcleojohnson
@mrcleojohnson 4 месяца назад
You the bomb!!! 👏🏽👏🏽👏🏽 Thank you!! 💪🏾💪🏾
@GorillazGames
@GorillazGames Год назад
Inaurance is the strangest business model. Ultimatley, youre paying an insurance company in hopes that they DONT provide a service.
@jhuntman7437
@jhuntman7437 Год назад
Great videos very precise answers. can you hire a independent contractor under your professional liability insurance policy?
@alhawkins3376
@alhawkins3376 5 месяцев назад
I admire your sense of duty to right & wrong including the person suing me, paying the high cost of a policy in the millions, however I prefer my attorney be experienced in the art of protecting, shielding and having in place protections that protect my business and myself. I want to discourage anyone who comes to a conclusion to sue me that it would be highly unproductive, I have such a lawyer and could never put more effort into making sure anyone who desires millions from my insurance & assets can count on my lawyer to provide all they want.
@vicc5772
@vicc5772 Год назад
Can you please make a video on how you maintain written quality control procedures for your business or a single member llc ? A Professional liability insurance provider is requesting written quality control procedures for my single member llc. It's a section within an insurance application that is assessing my Risk Management. Ty
@MrSteamFranchising
@MrSteamFranchising 2 месяца назад
Hey Aiden! Are you interested in doing a Google Meet video with me on this topic? My 1.3k subscribers are in the carpet cleaning industry. It would be fun to ask you some questions specific to us: What happens if a customer wants a whole new carpet after you failed to clean it, etc.
@Tr38ighty
@Tr38ighty Год назад
Do you think this would be a requirement at the start of a business if working out of the home?
@littleyi3611
@littleyi3611 8 дней назад
question: On a rental business is home insurance enough?
@shimpytalks
@shimpytalks 3 месяца назад
Should we take business loans to fund business in the initial phase ?
@JaVonta-us5yr
@JaVonta-us5yr 4 месяца назад
When first starting your business no money made yet what’s the best way to fill out the insurance application to get approved?
@mrssabrinaschmitt
@mrssabrinaschmitt Год назад
Sounds like insurance is a MUST for retail stores!
@FernandoVazquezIII-bt8oy
@FernandoVazquezIII-bt8oy 14 дней назад
Then, watch the point of having an LLC if you can still be sued personally?
@generic_official
@generic_official Год назад
This video is super helpful. However, isn’t it very difficult to pierce the corporate veil if a business is set up properly?
@allupinyobiz
@allupinyobiz Год назад
I answered your question in my new video! Check it out at ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-zQ8bjsj7khk.html.
@protectyourassests1028
@protectyourassests1028 Год назад
Would putting all of your personal valuable assets in a irrevocable trust protect you from a lawsuit directly to the owner of the LLC?
@kwhitlo0
@kwhitlo0 Год назад
What about if your business entity is a sole proprietor what type of insurance you would need to operate to protect that business entity as well as your personal assets? What business insurance you recommend?
@allupinyobiz
@allupinyobiz Год назад
I answered your question in my new video! Check it out at ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-zQ8bjsj7khk.html.
@GorillazGames
@GorillazGames Год назад
We should go out and talk legal stuff ☕☕
@ICONICZy0n
@ICONICZy0n Год назад
Hallo!! May I know if there's any way I can directly message you?
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