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Updated about 4 years ago,
Commercial umbrella vs general liability policy
I'm looking into getting more coverage/ protection for my LLC. I would love some feedback from others on what exactly I need. My business partner and I have one LLC we are placing our SFR's in. We of course have dwelling-fire policies on them that give us 300k in liability coverage. We would like something else, probably 1 million to start, that would help protect us from other potential lawsuits (unlawful evictions, injury, death, etc)
I'm unsure which type of policy would be best to blanket cover our on LLC and would allow us to increase our coverage as the portfolio of properties increase. Would I need to look into a general liability policy or commercial umbrella? Or are these 2 things the same thing?
Thanks in advance!