if i rent propertty should I have llc insurance to protect me against being sued????
2006-12-11 05:52:22 · 2 answers · asked by sharon p 2 in Business & Finance ➔ Small Business
I rent a condo in another state and my worry is if someone would be injured b/c of let's say a fire that started from MY condo and someone tried to sue me----what sort of protection should I have to protect myself. I have basic homeowners insurance w/a liability of $300,000. What else should I have for protection, LLC coverage, umbrella policy, something else?
2006-12-11 06:10:13 · update #1
A LLC is a is one method for incorporating your business. It protects your
personal assets (not your company) in the event you become insolvent or
bankrupt. That has nothing to do with exposures such as liability, errors
and omissions, property coverage etc.
As far as liability and protecting assets, these are tips I have given
before.
1.) Protect yourself (but be reasonable).
2.) Whether you're working out of your house or out of commercial space, if
you have clients over, you will want liability insurance in place to cover
their medical expenses should they trip and fall or something like that.
Note: Some homeowner's policies would cover here too.
3.) If you are working on someone else's premises as a contractor. You can
carry protection for yourself in case you do something like break a computer
or delete a bunch of your clients info on accident.
4.) The last thing you should consider is "errors and omissions" insurance.
It's not as important for a web designer as it is for a 'lawyer' say. But,
this insurance protects professionals in all walks of life against screwing
up. There is even error and omissions insurance for insurance agents. :)
You can form a pretty good legal document online these days. LLC is nothing
new
and if you need a non-customized form try http://www.legalzoom.com/. Also,
feel free
to have an independent insurance agent quote you professional errors and
omissions
coverages from several different companies. That way you can comparison
shop.
2006-12-11 06:02:26 · answer #1 · answered by Justina 3 · 0⤊ 0⤋
NO!!!
If you rent, they( they people suing you) Can not go after property.
LLC Insurance stands for limited Lieablilty Company..
It is for people with a LLC Company..
If you must have insurance get RENTAL INSURANCE. It covers your personal belongings...
2006-12-11 06:02:42 · answer #2 · answered by Anonymous · 0⤊ 0⤋