Freehold, NJ asked in Business Formation, Business Law, Contracts and Insurance Defense for New Jersey

Q: Should I have separate insurance policies for my rental LLC’s, or can it be a named insured on my personal policy?

1 Lawyer Answer
Leonard R. Boyer
Leonard R. Boyer
Answered
  • Clifton, NJ
  • Licensed in New Jersey

A: Each LLC should have at least three members and it's own insurance policy. All LLCs should be owned by a "C" corp. Anything else is not going to protect you from personal liability. You really need to retain an experienced business and contracts attorney.

H. Scott Aalsberg Esq. agrees with this answer

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