Theoretically you are sued for any amount of money that is more than you have in your bank account and other assets and the person who is suing you wins? How do they get that money? Like say you are worth $20,000 and they sue for $100,000 and win
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Another factor is that motor and home insurance will cover you for your biggest risk – being responsible for someone getting injured by your driving or on your property.
Businesses and professionals should also have insurance for the main risks where they might have a big legal judgement against them (business liability, employer’s liability, professional indemnity).
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