I used to work with a property management company that managed 30+ STR's.

We have an insurance policy on the rental house (through State Farm), that includes a personal liability section, which is essentially equal to our current net worth.Given that a tenant could sue for more than this if an accident occurred, we are thinking about adding either LLC or an umbrella policy (or both) as extra protection.Any advice on which way to go, and if LLC, any recommendations for a law firm or company the Indianapolis area?

Yes, there are property management companies, but not sure if I would 100% trust them. 

The specific assistance organization, the screening of the tenant, the property, and the PM company that should be communicating with the tenant all play a role in the success of your investment in regards to tenants.

Anything beyond that is going to take some blocking and tackling (reaching out directly to local companies like solar farms, construction, medical staffing agencies, etc.).

@Phillip Austin we've looked into these and it's our opinion they should only be used with Class A tenants, maybe Class B - deifinitely NOT Class C or D tenants.Several companies in this area will no longer allow S8 leases or tenants under 600 credit scores - because of the high number of claims & corresponding claim amounts.

Through my studies, I met my current employer, who owns a construction company where I serve as the Sales Director.

Typically, if you have a mortgage, the mortgage company will collect taxes and insurance when you pay,  so there is not really any budgeting required for this.

Just tell them you work for the Property management company in my opinion. 

Does the operational company already exist and have income history?