Assets Protection/Insurance/Attorneys
I have been an agent for 8 years, Broker for 3, Investor for 3 years
My new business partner and I currently own two rentals and have completed 3 flips for 2015-2016. I have been trying to figure out the best way to protect assets. We provide a quality product but risk is always there of being sued.
Questions:
1. Insurance
Is business liability insurance the same as what is provided to construction contractors for protection if sued. I have looked into doing remodeling projects as well for homeowners and the state of Louisiana requires you to carry general liability and workers comp for projects. Would that coverage be considered Business Liability Insurance as well or would we need two types of coverage for protection?
2. Multiple LLCs
I have read many scenarios and each has been a little different. I understand the rationale behind have each property in a different LLC, but it also seems very complex at times.
For example, would we need a separate bank account for every single property, separate liability insurance for each as well? I mean if you own fifty rentals and flip 20 properties, that would be a lot of LLCS and Bank Accounts, =)
Thoughts .......