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4:20 pm
April 5, 2011
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Wojo
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This point was brought up in the discussion about business structures–so I wanted to throw it out there on its own.
http://yakezie.com/forums/blog…..business-1
Kay Lynn makes the point that an LLC does not protect you from liability should something go wrong, and suggests insurance. Four question to ponder:
- Do you think bloggers, and specifically personal finance bloggers, need to worry about liability? (especially since we provide "advice" that directly affects people's money?)
- Have you considered (or do you currently) carry some kind of insurance that would protect you from liability as a result of your blogging?
- What kind of insurance would be best for this purpose? Umbrella? Publisher?
- In addition to insurance, have you taken other steps to protect yourself? (e.g. disclaimer on your site, etc.)
Looking forward to your thoughts!
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4:45 pm
April 5, 2011
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The College Investor
| | San Diego, CA | |
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I have umbrella that specifically includes my business online as The College Investor. It is a rider on my regular umbrella policy for myself and wife, and it added about $1/mo.
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7:35 pm
April 5, 2011
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AshleyB
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I honestly never even considered insurance. hmm.
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8:56 pm
April 5, 2011
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My Personal Finance Journey
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Very interesting idea! I've never considered getting insurance. I always kinda thought that having a disclaimer would protect you.
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9:58 am
April 6, 2011
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Eric – PersonalProfitability.com
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I never thought about it. Good point. I am excited to read more about what people have to say on this topic.
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10:09 am
April 6, 2011
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Mike – Saving Money Today
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I've been thinking about the insurance issue is well. An umbrella policy makes a lot of sense
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10:09 am
April 6, 2011
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MoneyIsTheRoot
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Ive been thinking about this myself…owning a home, car, etc… im worried about liability as well.
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12:20 pm
April 6, 2011
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freeby50
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I think I've got some coverage for general liability including libel under our homeowners policy. Otherwise I don't see a need.
Whats the actual risk?
Anyone know of or even heard of a blogger who has been sued and lost money?
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12:25 pm
April 6, 2011
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freeby50
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I quickly answered my own question… just google "blogger sued" and you can find many examples. Copyright infringement, libel, etc. Seems to me if you keep your nose clean you should be pretty safe.
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12:52 pm
April 6, 2011
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The Financial Blogger
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I have a 1000 words page aboud disclaimer and privacy policy.
it's important that you mention clearly that you are not giving direct advices but that you are telling people what you do or would do in such situation.
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3:20 pm
April 6, 2011
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The College Investor
| | San Diego, CA | |
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It is important but you never know…
My current homeowners policy provides up to $300,000 in personal liability, plus legal costs. My umbrella kicks in after that, and gives me an additional $1,000,000. Why did I choose this?
If you are sued, you can be forced to pay up big time if you infringe on something worth a lot of money. If you can't afford to pay, the judge can issue a judgment that can be enforced through wage garnishment (since I'm a sole proprietorship). If you are a LLC or S-Corp, you really don't need insurance, as your liability is only the value of your business.
I went with insurance because it costs me $12/yr. LLC fees in California are $500.
Finally, I had umbrella insurance to start with, so it was just a rider. I have umbrella insurance for the same reason. The number one reason people are personally sued in the US is car accidents, as the average damages if someone is hurt usually exceeds the policy maximums.
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3:56 pm
April 6, 2011
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Wojo
| | SW Florida | |
| Member | posts 57 |
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The College Investor said:
If you are a LLC or S-Corp, you really don't need insurance, as your liability is only the value of your business.
Does anyone have hard case law to back this? On the other thread, it was said that blogging lawyers insisted LLCs don't protect from personal liability. I'd like to find out either way so I know what I need to do! :)
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5:30 pm
April 6, 2011
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The College Investor
| | San Diego, CA | |
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Wojo said:
The College Investor said:
If you are a LLC or S-Corp, you really don't need insurance, as your liability is only the value of your business.
Does anyone have hard case law to back this? On the other thread, it was said that blogging lawyers insisted LLCs don't protect from personal liability. I'd like to find out either way so I know what I need to do! :)
If you are blogging as a business, and you blog is a business, you should be personally protected. I'm sure there is some argument that you personally wrote "xxx", but since you are the owner on behalf of a company, they shouldn't be able to pierce the veil of the LLC.
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