Commercial General Liability Insurance Policy- What to look for
Hi all,
I have three investment properties, single families, in Indiana currently in the process of being transferred into 3 separate LLC's by quit claim deed. As a result I need to redo the homeowners insurance in the LLC's names. The insurance company I use also mentioned that once an owner (whether in your name or not, i.e. even if you control an entity) they require/recommend a commercial general liability insurance policy. The minimum price is $100 for coverage up to 500K, which sounds pretty good, and I would be willing to do that for each property if the policy is actually good.
So my question is, what should an out of state investor look for when evaluating commercial liability policies for their property? I have a general sense, but this will be the first time I purchase (maybe) a policy for this reason, so I hope to draw on your collective wisdom. The insurance agent mentioned that this covers the situation where the tenant invites a guest over who gets hurt, but there are tons of exclusions here. I'm generally biased against insurance, but know it plays an important role. Thanks!
Steve