New LLC, Business insurance recommendations?

New LLC, Business insurance recommendations?

Bloomsburg, PA · Member since 2023 · 7 posts · 4 votes

Filed my LLC, making an offer on a property. Besides insurance for the property, what does everyone use for a general operating insurance for your LLC?

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  • Jason BottPro Member
    Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
    3y

    @Shadoe Daniels if you are only running a few units, the policy covering the rental should be all you need. If you start to provide services to others through your LLC, hire employees or open an office location, then you would need to get an additional policy.

    Do you have business activity outside of the rental property?

  • Rental Property Investor · Concord, NC · Member since 2016 · 1k+ posts · 3k+ votes
    3y

    My personal rule of thumb -

    If net wealth < $1M, then property insurance + umbrella policy

    If net wealth >$1M, then property insurance + umbrella policy + LLC

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