I launched my LLC earlier this year and have been doing my due diligence up to this point. i’m just about ready; thank goodness, to get the ball rolling but before that i’d like to find out what sort of insurance to carry/shop for, for my LLC. input on the subject is highly appreciated.
Are you talking about what type of insurance for a rental house owned by your LLC? You’ll need a Landlord policy for a rental unit. Just remember to carry plenty of liability coverage. $1MM if they offer it - otherwise use $500k.
i meant if the LLC itself(as an entity) needs to carry insurance of any sort? or do i just need to carry insurance specific to whatever sort of property i’ll be dealing with. such as rental property insurance etc
I didn’t know it either. It’ll be of much help. Thanks for the information. Nick Brian.
Just get LL insurance in the name of your LLC if the LLC owns the property. The assets of the LLC will be the properties so they’ll be covered by the insurance. You can also get an umbrella policy if you want something above and beyond that standard liability insurance.
When you check on prices for LL insurance, your agent may quote you a policy with around $300k in liability unsurance. It’s really not much more expensive per year to bump that to $500k or $1MM if it’s available.