Operating irresponsibly.
I have accounts which routinely decline certain types of coverage. Ranging from Employer Practice Liability Insurance to higher limits of liability.
Some don't insure their tools and equipment either. But absolutely 100% of my accounts carry Liability Limits of one million dollars minimum, to cover their Premise/Products/Completed Operations exposures.
Operating by the seat of your pants is fine. I do it plenty of times! But I also carry Errors & Omissions Insurance which is comparable to Medical Malpractice insurance that doctors carry.
Two years ago one of my contractors had a vehicle accident where we exhausted our limit of one million dollars. A young woman was injured causing her to lose her four year full-ride athletic scholarship to a major University. Cost: $100,000.00 estimated.
Medical Expenses to Date: $300,000.00 with more expected.
Rehabilitation/Compensation for other loss of life's pleasures, etc.: An additional $250,000.00
Ongoing Medical Treatments and Care: Open Still.
A 18 year old woman who was inadvertently hit by a contractors vehicle has an immediate cost of $650,000.00. If you were to only have had the normal $300,000.00 limits, where would the additional $350,000.00 come from???
Another claim involved a Roofer. The roof leaked and caused water damage inside the home. Cost to repair and replace the roof and pay for damages inside the home were just over $25,000.00.
All covered by Commercial General Liability insurance.
Some go without it. Their choice. Just don't get caught and remember a Chapter 7 bankruptcy does not get you out of a civil lawsuit and I belive compensatory and punitive damages are also excluded from the benefit of a bankruptcy.
(As is Child Support)
So any wages you earn in the future, face possible garnishment.
No one says you MUST get and seek coverage. Just check it out...
Success and Regards... Mike
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