The liability that a personal trainer has can likely be covered, for the most part, by liability insurance. There isn’t a lot of risk to accepting money to train people in a home or through ...

But a general liability insurance policy alone may be inadequate for your company’s needs. For example, if you have employees, you’ll also need workers compensation insurance.

A contingent liability is only accounted for when the debt is probable, and you can estimate the amount. If you are working on a $50,000 loan settlement, you could record it when it appears likely.

An example of such a limitation of liability is the following: "In no event shall either party's aggregate liability exceed the greater of (1) three times the fees paid, payable, or to be paid by ...

One example of these expenses is your payroll taxes. If you file payroll taxes monthly or quarterly, you need to post the amounts to your liability account, accounting for the expenses properly.