and then in a later paragraph, "The owner agrees to hold the Broker harmless from any damage suits in connection with the management of the herein described property and from any liability from injury suffered by any employee or other person whatsoever, and to carry, at the Owner's expense, adequate public liability and, if required by law, workmens compensation insurance to name the Broker as co-insured for the life of this management agreement."

@Stan Chigintsev You do not "need" to but anything unless your bank requires it.That being said,  at a minimum I suggest you get General Liability and Property coverageGeneral Liability – This covers you against claims of Bodily Injury and Property Damage.Bodily Injury – This is the most common coverage everyone is concerned about and rightfully so.These are the most common types of claims.

The agent will tell you using MP to address premises injuries deters the injured party from suing you for a larger claim for pain/suffering etc.  

The other thing I might do different/extra is have the tenants sign a release that states the painting/change is at their "own risk" and the owner is not liable for personal injury or damages... etc... etc.

I've been a hub employee at UPS since 2005 and after two back injuries in two years, I'm looking for a better way to support my family.

Most landlords civil liabilities are in personal injuries on the property, (Get insurance), property defects, (insurance), and UD's and trying to get them out of the property.

You're about to be running a rental business, and you don't have any of the corporate protections, so insurance against injury, property damage, etc. is a must have.

Most likely the state where the property is located is where lawsuits would be brought if they are something for personal injury like a trip and fall or something of that nature because the “cause of action” arose in that state.

You definitely don't want to pick up the personal injury attorney who will do this one on the side.

I, as an owner-builder, may be held liable and subjected to serious financial risk for any injuries sustained by an unlicensed person or his or her employees while working on my property.