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This is the very reason you run your race team as a business. You put all the team assets in your personal name then lease them to the race team for a fee, You then hire all persons including the driver as contract labor and buy a workers comp policy. This all sounds expensive but its not when you look at what can happen. This also protects your personal property from being attached in a court of law. We then also carry a general liability insurance just in case a spectator gets hurt by one of our cars or a part of our car. In all this cost us around 2500.00 per year. cheap when you look at what life long care and emergency care cost . I had my company attorney set all this up for us a one time fee of 1000.00. This included the Limited Liability Company setup.
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