I carry business insurance covering my truck(s) and trucking business. Why should I care about incorporating or forming an LLC to own my truck(s) and operate my business?
We find that many of our customers purchase and carry business insurance to provide liability and other protection for their business. However, whether or not the business insurance covers a specific claim relating to the business will depend on a number of factors, including the event giving rise to the claim, the nature of the claim, and the terms and limits of the insurance coverage. An insurance policy will provide protection only against certain claims, and may not cover all of the losses incurred. In addition, the policy holder may be liable for any judgment that exceeds the coverage included in the insurance policy. In light of the variety of risks that a business owner may face and the limitations on many types of insurance, we find that many of our customers form an entity, such as a corporation or an LLC, to own and operate their business, in addition to purchasing and carrying business insurance. Many of our customers form a corporation or an LLC to own their business assets
