Insurance for a Limited Lib. Company?

[djjswenson]

State of California.

What type of Insurance is required/suggested for a Limited Lib. Company.

The company will be a Residential Care Facility for the Elderly with a capacity of 6 beds.

Thank you,

D. Swenson

P. S. Any good sites for "Industry Average" quotes?

[InsuranceLadyAZ]

Originally Posted by djjswenson

State of California.

What type of Insurance is required/suggested for a Limited Lib. Company.

The company will be a Residential Care Facility for the Elderly with a capacity of 6 beds.

Thank you,

D. Swenson

P. S. Any good sites for "Industry Average" quotes?

Your going to need general liability, professional liability, property insurance, work comp for your employees, etc., etc.

It's difficult to insure these types of facilities. You'd be in the surplus lines market. I have no idea what your premium would be, but it would be steep.

[seniorjudge]

Originally Posted by InsuranceLadyAZ

Your going to need general liability, professional liability, property insurance, work comp for your employees, etc., etc.

It's difficult to insure these types of facilities. You'd be in the surplus lines market. I have no idea what your premium would be, but it would be steep.

Steep and worth every dime. One good lawsuit could wipe you out.

[kaym]

I saw a similar question on another forum and it was suggested that the property be held in a trust and then put into the LLC (along with insurance for everything)

Does anyone know the purpose of the trust? Is it just another shield between the owner and the possible lawsuit?