Bill Bronchick’s Coaching Tells about the Role of Insurance in Asset Protection Planning
Insurance should never be overlooked as a means of protection, exclaims Bill Bronchick in his coaching. Insurance will cover many claims of a "tortious" nature (slip & fall, negligence, etc). The fact that you have insurance to cover these types of claims will help if your corporation is undercapitalized.
If you do not have insurance and someone who is injured sues your "shell" corporation, then a court may think you were not "playing fair", says Bill Bronchick in his coaching classes. This is particularly important if your business is engaged in activities that are dangerous or hazardous to the public.
In his coaching, Bill Bronchick explains that insurance will not typically cover breach of contract claims, but courts are less likely to set aside a corporation for these types of debts. However, claims such as sexual harassment, employment discrimination, wrongful termination and fraud are almost never covered by insurance. Another benefit of insurance is that the duty of an insurance company to "defend" (pay for your legal defense) is much broader than its duty to "indemnify" (pay for a judgment against you).
Legal fees alone can be painful, especially for frivolous lawsuits, even if you win in court. They rarely award the defending party legal fees and the plaintiff's lawyer is often working on a contingent-fee basis, so that the plaintiff himself has nothing to lose by suing your company (have you ever heard the expression, "never get into a fight with an ugly person because he has nothing to lose?"). All this is discussed in details at Bill Bronchick’s coaching classes.
In order to get expert mentoring on asset protection planning from Bill Bronchick, log on to www.billbronchickcoaching.com.
About Bill Bronchick Bill Bronchick, CEO of Legalwiz Publications, is a nationally known attorney, author, entrepreneur, and speaker. Mr. Bronchick has been practicing law and real estate since 1990, having been involved in over 1,000 transactions. He has trained countless people all over the United States to become financially successful, speaking to audiences of as many as 16,000 at "Get Motivated" events sharing the stage with names like Rudy Guliani, Steve Forbes, and Colin Powell.
His best selling book, ‘Flipping Properties' was named one of the ten best real estate books of the year by the Chicago Tribune. Bill Bronchick is also the co-founder and President of the Colorado Association of Real Estate Investors and the President and Chairman of the College of American Real Estate Investors.