shermcovending Posted June 22, 2010 Share Posted June 22, 2010 If i set up my company as an LLC, do I also need liability insurance? Would they cover the same area of business? Thanks Link to comment Share on other sites More sharing options...
TheBiz Posted June 22, 2010 Share Posted June 22, 2010 Someone can still sue you if you have an LLC. They might not win, but your name can be brought into a suit because anyone can sue anyone at any time. Thats why I don't see an LLC as automatic protection. It helps with protecting assets but really I'd do both. Disclosure- I am not in vending yet but Ive had an LLC since '03. That is what I was told in my industry so I am sure it applies here. Link to comment Share on other sites More sharing options...
alyssamma Posted June 23, 2010 Share Posted June 23, 2010 An LLC protects you from being sued. You can only lose the assets in the LLC. If they are small (a few machines) there is no need to get insurance. Kevin Link to comment Share on other sites More sharing options...
alyssamma Posted June 23, 2010 Share Posted June 23, 2010 Let me clarify...a location might want you to get insurance, but there is no need to get it because you are worried about your personal assets being taken. Also, this assumes you run the LLC correctly (i.e., don't mix business and personal items). Kevin Link to comment Share on other sites More sharing options...
mission vending Posted June 28, 2010 Share Posted June 28, 2010 An LLC protects you from being sued. You can only lose the assets in the LLC. If they are small (a few machines) there is no need to get insurance. Kevin I would agree with that, provided as Kevin also mentions that the LLC is run correctly. Link to comment Share on other sites More sharing options...
shermcovending Posted June 28, 2010 Author Share Posted June 28, 2010 But the LLC will not help in the case of vandalism? That's where the insurance would come in? Link to comment Share on other sites More sharing options...
shermcovending Posted July 2, 2010 Author Share Posted July 2, 2010 Good stuff...thanks for the info!! Link to comment Share on other sites More sharing options...
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