PDA

View Full Version : why have insurance?????????


stxkyboy
07-18-2003, 03:26 PM
I know I'm probably going to take a lot of nasty answers over this question but I'm just curious. It seems to me that everyone on this site either brags about how much insurance they have or tells everyone else that they need it. Now for my question...unless you are a really large company why have insurance??????? They can only sue you for the money you have...in this i mean if you have a million bucks of insurance then all of a sudden u set yourself up as a juice lawsuit target. The reason doctors get sued is because they have lots of money. I mean lets face it nobody in this industry is rich and there for realistically not a ripe target for a suit. Getting insurance just seems to play into the problem not help it.

drobson
07-18-2003, 04:42 PM
Well, the quick and easey answer is that you should have insurance only if you are not prepared to lose everything you have. If that is not much, it's still "everything". To me, losing my house, trucks, and equipment is enough for me to get insurance. Besides that if you do personal injury damage to someone and they win a suit for 100K, they will attach your wages until it's paid.

So, you will still be sued if you don't have insurance. I would assume if you can do the work that you have some equipment. If you own a house, that is more. If you live with your parents, they can attach their stuff as well. If you get sued once without insurance, you will be out of business.

There is much, much more to talk about on this subject, but this should be enough to answer the question.

rodfather
07-18-2003, 04:50 PM
Great reply Dan.

Turf Medic
07-18-2003, 06:29 PM
Originally posted by stxkyboy
They can only sue you for the money you have

This is a misconception, they can sue you for more than you have. After they take everything you have you can be making payments to someone for the rest of your life and bankruptcy won't help in most cases. It's no different than driving around without liability insurance. I met a man many years ago that had accidentally drove over a drunk laying in the street, no insurance, the judge ordered him to make payments to the drunks family until the children were out of college. Was never able to have much of anything of his own.

lawnman_scott
07-18-2003, 10:22 PM
It is to protect my house for me, a big lawsuit winner would look at your equipment and laugh at your dirty bent up mowers and contracts that are short term, or non existant, but for what it costs its worth it to not have to worry. But if you cant spare the money or dont want to how often do you hear about a bad thing happening to people. Sure there are the horror stories, but they are few and far betewwn.

Lawn Tek
07-18-2003, 10:37 PM
One Word LAWYERS

grassdaddy
07-18-2003, 10:48 PM
Most places of Business require you have it.Some require 1,000,000 dollars worth just to cut grass.:eek:

stxkyboy
07-18-2003, 11:26 PM
Thanks for the replies......I also have a suggestion. It may be a good idea to put the house in your wives name(my dads a doctor)

drobson
07-19-2003, 12:41 AM
If your married it makes no difference who's name the house is under. The only way to do it would be to put it in someone's name that is not related. Also, in some states it must have been transfered greater than 5 years or it can still be attached (unless it's an actual sale).

As an additional security measure, everyone should file for the Homestead act on their house. It will put protection on your home for up to 300K in the event you get sued. Check it out online, you can sign up for it at your registry of deeds.

Moguy
07-19-2003, 12:42 AM
There are tons of reasons to have insurance. Depending on the circumstances and/or the parties involved insurance most likely will cover them. It's the same with being a sole proprieter or LLC, they have there advantages or disadvantages but, in this day and age with a good lawyer, they can get whatever their after

Green Pastures
07-19-2003, 02:52 AM
:rolleyes:

Rustic Goat
07-19-2003, 03:02 AM
stxkyboy,
This is not meant as a put down, your age says a lot about why you're making such flippant remarks about insurance.
I don't remember reading any post that "brags" about how much insurance they have, just stating facts.
Do you own your own home, car, equipment, family to support, bills that YOU are responsible for, taxes, licenses, etc.
What does your Dad being a doctor have to do with anything?

Insurance is just one of those necessary evils if you will, better to have it than face the possible consequences.

KirbysLawn
07-19-2003, 03:21 AM
Green Pastures, I could'nt have said it better.

While the above answered it best I ask...why not?
:confused:

tiedeman
07-19-2003, 05:37 PM
Originally posted by drobson
If your married it makes no difference who's name the house is under. The only way to do it would be to put it in someone's name that is not related. Also, in some states it must have been transfered greater than 5 years or it can still be attached (unless it's an actual sale).

As an additional security measure, everyone should file for the Homestead act on their house. It will put protection on your home for up to 300K in the event you get sued. Check it out online, you can sign up for it at your registry of deeds.

very true. It's just like you credit history. Once you get married both of you effect each others credit.

65hoss
07-19-2003, 05:50 PM
As above stated, you can pay forever if you lose a lawsuit. Not just what money you have now.

Best reason for me is to sleep at night. My policy is a $2mil general liability. I wouldn't go out in the morning without it.

Turf Medic
07-19-2003, 06:33 PM
Originally posted by Rustic Goat
What does your Dad being a doctor have to do with anything?



I think that he is implying that his dad a doctor has chosen to put his property in his wife's name instead of having malpractice insurance. Wish my doctor was set up like that, NOT!

stxkyboy
07-19-2003, 07:17 PM
Of couyrse my dad has malpractice insuarance. If putting the house under a different name doesnt help then why does every doctor do it. Oh wait i forgot u guys can all afford to hire lawyers to tell you that it doesnt work.

jrc lawncare
07-20-2003, 08:19 PM
I can't imagine being without contractors liability insurance in this business. Your mower kickes out a stone, takes out someones window in their house or car, or , at the very worst, god forbid, takes out some little kids eye, you will surely lose your ---. It protects your interests, and also, if you own a house as I do, you won't lose your house. As hoss already said, I also sleep better.:sleeping:

pcnservices
07-20-2003, 08:30 PM
My question to you is - how do you want to build a professional lawn care business without being properly insured?

You definetly needs insurance especially when you work with commercial contracts. You will not get the bid unless you can show proof of insurance.

Face it - "s**t happens". Dont tell yourself it will never happen to me. I had an accident once - a small rock (picked up by the string trimmer) went through a window at a school bldg., $750 later my insurance paid my damages for me. And this was a small accident.

People will buy your services if you are professionally lisenced and insured. That shows them that you do care about your own business and reputation as well as your client's interests.

Mykster
07-21-2003, 02:20 AM
Protection.

Hawkeye5
07-21-2003, 11:28 AM
One other aspect is the obligation we have to others who we injure through our negligence. Law suit or not, if you damage the property or person of another through negligence, and you owed a duty to that person (you may even owe a duty to trespassers), the moral thing to do is repair the damage or pay for the injury and any resulting diminished incapacity. Mostly these obligations come from English common law and may have been expanded by American case law. Why do you think states all have "Financial Responsibility" laws for auto insurance? We all have an obligation to others to be responsible for our actions rather than find underhanded ways to protect assets and avoid our obligations.

rodfather
07-21-2003, 05:53 PM
And...Peace of Mind.