Do you have an umbrella policy

[Jeremy Benezra]

Hi everyone,

My company is an LLC and a licensed general contractor. I was a contractor before I became an investor.

I obviously hold a General Liability policy and I also have a personal umbrella policy.  I'm looking into a commercial umbrella policy.  Does anyone else in a similar situation have personal and/or commerical umbrella policies?

I've been debating opening another LLC so I don't have too high a level of assets in any one LLC, in case it gets sued. Instead of doing that, I was thinking of just opening this umbrella policy. As I understand it, the reasoning behind an umbrella policy is that someone suing me will find it much easier to go after that policy than after my personal assets. Though the LLC veil should cover my personal assets. But the umbrella would maybe cover my other properties.

I've never been sued.  I've never made an insurance claim except for 1 auto claim.

Thanks,

Jeremy