1. Leasing to the business makes sense.
2. Try to keep the business under the radar for as long as possible by using PO boxes for billing and official purposes. Don't put signs on the property advertising a business, that is just asking for unwanted attention.
3. Is your land zoned commercial? If not, #2 above will only work if the business is really small.
4. You do not need personal insurance for the business. Landlords are generally only liable for "foreseable" accidents in access areas in which they did not exercise "reasonable care", like someone slipping on an unplowed sidewalk. Only the business would require general liability insurance.
5. I would recommend against liability insurance, especially for a small company. In the million to one chance you get sued, just liquidate the business. In that case your maximum liability is what is called the "disbursement". In other words, if there is an accident and you liquidate the business and sell its assets for $50,000, then the most a plaintiff can recover is the disbursement, the $50,000. If you get a $1,000,000 insurance policy, then the most they can recover is $1,000,000. Guess which situation makes you more likely to get sued? Lawyers only sue businesses that have insurance (or significant assets), so getting insurance is counterproductive because you are just enlarging your target profile. Once again we are talking about a million to one chance here.
6. I would recommend against landlord liability insurance as well for the same reasons as #5 and because it is a total ripoff. Also, if you create ANY target, it can make all your holdings a target. For example, if you have two entities and only one entity has insurance, a lawyer will sue both because it does not cost them anything to add names to a lawsuit. Lawyers frequently add random, indigent people to lawsuits even though they know they can't pay, because once they file it is "free" to add names. So your best approach is not to have any insurance.
7. Yet another reason not to get insurance is that it does not really protect you, and in fact just INCREASES your risk. The reason for this is that in the rare instance of an accident, you are just as likely to get sued for an amount under your insurance as over it. For example, let's say there is a fatal accident. Do you think the lawyer will limit himself to to the $2 million maximum of your insurance policy? Of course, not he will sue for $5 million or the most he thinks the jury will award. So, the way he calculates it: I will get at least the $2 million in insurance and another $3 million "extra" that is low chance of recovery but why not? So, you will end up declaring bankruptcy anyway, even though you had insurance. The insurance actually increases your chance of going into bankruptcy, because if you did not have insurance you would have had a much better chance of not getting sued in the first place.
8. It is a good idea to put the property into an LLC and then have the LLC borrow money against the property and give it to you personally. That way the LLC will have very little in the way of assets. Try to keep the LLC's equity under $100,000. That pretty much makes you lawsuit proof. There is no lawyer on the planet who will waste his time suing an LLC with less than $100,000 in assets and no insurance.