How do I secure Slip & Fall Protection - Posted by Rental Man

import · September 30, 2003, 8:08am

Posted by Ben (NJ) on September 30, 2003 at 12:42:22:

nt

import · September 30, 2003, 8:08am

Posted by Rental Man on September 30, 2003 at 08:08:07:

Hello all,

If I am about to aquire a rental property, how or what must I do to protect myself from lawsuits such as slip & fall or similiar cases?

Thanks

import · September 30, 2003, 8:44am

Re: How do I secure Slip & Fall Protection - Posted by Ben (NJ)

Posted by Ben (NJ) on September 30, 2003 at 08:44:59:

The property should not be in your personal name first of all but in a single-asset LLC. Also, a portion of your property insurance will be for liability coverage. Request a high policy limit (ie one million dollars).

import · September 30, 2003, 9:23am

Re: How do I secure Slip & Fall Protection - Posted by Rental Man

Posted by Rental Man on September 30, 2003 at 09:23:16:

Thanks, I understand that the property should not be in my name, but how should I go about that? What are the steps to take?

Do I form the LLC prior to purchasing the property?
Since I can’t purchase the property in my LLC’s name When do I deed the property to the LLC, immediately after purchase or some other time?
3)What type of insurance should I obtain?
4)Then what?

Thanks