Business Liability Insurance for Flipping LLC

[Ashley Wilson]

HEY BP!!!

I need your help! I am looking into getting Business Liability Insurance for my flipping company which is under a LLC. I need suggestions on companies, rates, what type of coverage I need, and anything else that you think might be helpful!

Thank you so much for your help!!!

-Ashley

[Jason Bott]

@Ashley Wilson  In order of importance, here's what you will want to consider for protection;

1) Independent Contractor / Risk Transfer Agreement - You need a contract between your LLC and the GC's dictating the insurance coverage the GC and Subs are required to carry. This agreement will also require your LLC to be named as and Additional Insured.

2)  Each Property should have coverage for damage to the building & a $1M General Liability policy.

3) Workers Compensation policy - Your Agreement above should demand all contractors who are on your site have coverage themselves, but sometimes contractors try to cut corners. With your LLC having a Work Comp policy in place will be default coverage incase there is an uncovered work comp claims on your property by one of the GC's subs.

If you do not have an Independent Contractor Agreement that you currently use, let me know.  I have several lawyers I have partnered with that haves drawn up boiler plate examples you can reference as a starting point with your attorney.