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Updated almost 4 years ago,
Question Regarding Advisable Insurance (Flippers)
For an LLC that remodels and/or holds, from what I understand, it is advised to have:
-Builder's Risk/Property (for remodels/flips)
-General Liability
-Umbrella
Regarding the General Liability, is it advised to have commercial/business liability in addition to the general liability attached to the property? And is it common to have a personal endorsement in order to protect an LLC owner personally - especially if the owner will be actively involved in the remodeling process (LLC comprised of self & spouse with no employees - only independent contractors)?
Do any of the above cover potential issues if a buyer pursues litigation after they've purchased the property? And, if none of the above protect in that circumstance, is E&O readily available to an LLC that holds property and/or remodels? I'm having trouble finding information regarding potential E&O.
My current agent (State Farm) says that the General Liability attached the the property in addition to an umbrella is sufficient. However, I'm not sure about that so any advice is much appreciated!