Insurance

[Steve Iacobbo]

Hi. I'm part of a new REI firm in Massachusetts. We have an LLC and are still looking for our first property. In preparation for that, I am wondering if our LLC needs liability insurance. We know to only hire contractors who are licensed and insured. Others have suggested that we also carry liability insurance. I'm working with an insurance agent now, but I'm also trying to gain some wisdom by asking other what they do for insurance. So, when is comes to getting insurance what questions should I be asking? What should I be looking for or staying away from? Thanks.

[Jason Bott]

Originally posted by @Jason Bott:

Originally posted by @Steve Iacobbo:

I am talking about liability insurance.

Before you acquire any properties, You will only need to get Liability insurance on the LLC if you will be doing work for others. If you are only working on your own properties/assets, you can sue yourself, so no need for the coverage.

Once you purchase a building, then you should get Liability and Property coverage for that location.