Liability Insurance in FL

Discussion in 'Florida Lawn Care Forum' started by panzafit, Mar 29, 2011.

  1. jackal

    jackal LawnSite Senior Member
    Messages: 488

    Can you show me a statute to that effect? My attorney doesn't seem to think that is true. He seems to feel the advantages are more tax related to some, but not all businesses.
  2. jvanvliet

    jvanvliet LawnSite Gold Member
    Messages: 3,944

  3. jackal

    jackal LawnSite Senior Member
    Messages: 488

    I read it before thanks. It specifically states that you may not be protected from a lawsuit.

    Attorney believes that 2 million liability is sufficient because insurance co is going to fight hard to not have to even pay that out. In the event that is awarded and they are comming after more, they can still come after your personal assets.

    Anyone have any experience with this?
  4. jvanvliet

    jvanvliet LawnSite Gold Member
    Messages: 3,944

    Operative word is MAY, anybody can sue anybody. An LLC is a way to protect your personal assets from a lawsuit. To CYA personally you'd need a rider.

    Any suit against an LLC would be limited to the assets of the LLC unless there is criminal conduct on your part.

    I have 1/2 mm. and 350k property damage and liability on my vehicles, equipment and trailers.

    But it seems you already have solutions from your lawyer. Now check your accountant to see how you can protect yourself from the IRS.
  5. jackal

    jackal LawnSite Senior Member
    Messages: 488

    Seems that will be my next step because my attorney tried to talk me out of it.

    Paying less self employment taxes would be nice, but there must be a trade off in there somewhere.
  6. jvanvliet

    jvanvliet LawnSite Gold Member
    Messages: 3,944

    There's always a trade off. If you incorporate, you'll pay corporate taxes invluding personal income tax.

    If you go Sub Chapter S all the income & losses flow to your 1040 but little or no protection for personal assets.

    Also, check with another lawyer.
  7. Landscape Poet

    Landscape Poet LawnSite Gold Member
    Messages: 3,638

    Devils advocate here I must admit, but if the guy is just mowing lawns....what are the chances that he will ever get brought into a lawsuit for more than what a basic liability package would cover him for?

    I carry liability and have since start up since the cost in min. even for what I carry, but the fact is that in reality if I am just mowing lawns there is a limited amount of damage you can do (with the exception of something getting thrown out of the mower situation and hitting a small child that everyone likes to bring up.)
  8. unkownfl

    unkownfl LawnSite Gold Member
    Messages: 3,837

    If your worried about a lawsuit get an umbrella. 1 mil is plenty for mow and go in my opinion. I don't think someone can come after your house in FL if you're homesteaded on it anyways, but I may be wrong...
  9. jvanvliet

    jvanvliet LawnSite Gold Member
    Messages: 3,944

    They can't throw you out, but they can a get a judgement effectively preventing you from selling it and keeping out of your estate.

    People sue for crazy stuff; had a owner at a townhose development claim that my applying glyco was killing her dog... WTF? It's nice to be an LLC and have insurance.
  10. kickingrassllc

    kickingrassllc LawnSite Member
    Messages: 3

    sorry to bring up a old post, but ive been shopping around for a policy for my business.

    the cheapest i can find for 1 million GL is 640 with farm bureau. anyone got any suggestions on a cheaper place? im new to business and solo operator.

    thanks in advance

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