My rule of thumb -If net wealth < $1M, then insurance and $1M umbrella policyIf net wealth > $1M, then insurance, $2M umbrella policy and LLC. 

They recommended to me that I just go with an umbrella policy and keep them under my name as long as I can until I build up a portfolio.

Required coverage: General Liability, Business Auto Liability, Workers Compensation and Umbrella Liability.

I will then take out an umbrella liability policy for myself. 

I have a rental property that I am the owner of and was wondering what is the best strategy to go with is is create an llc and then business license under that to manage the rental and for taxes go with an s corp or would I not do an llc just create a business and business account get an umbrella coverage and for taxes declare an s corp?

What's the difference with having an LLC formed vs. having a large umbrella insurance?

You should also get an umbrella policy and ask about things like if a worker or sub contractor gets hurt on your property how you'e protected.When dealing with contractors always verify their insurance with the carrier not the agent. 

I have my cabin in an LLC and also have a large umbrella policy.

Then all this hassle and headache is for nothing anyway.Chances are you never get sued and continue with all this hassle and headache for nothing and don't even know it.I just carry a large umbrella policy and call it good.

I will set up an LLC where your property is, buy the commercial umbrella as well as landlord policy.