Small business insurance for LLC is a must if the owner is serious about protecting the corporation from lawsuits and other hazards that occur in businesses. Such as fire accidents, theft, and natural disaster. With business insurance, you are sure that your personal and business assets are safe from unforseen events.
In most countries, it is a must that small businesses should purchase certain types of business insurance policy. Governments often need every business with employees to have workers’ compensation, disability, and unemployment insurance. In case you are not sure of the government’s position on small business insurance, then visit the website of your state to find out cheap small business insurance available for business owners.
In addition to the legally required insurance, you can find insurance to cover any other business risk. An insurance agent can help you determine the best coverage for your business and business insurance requirements by your state.
After assessing your small business risks, compare terms and prices to find the best insurance company for your small business.
A common confusion among business owners is what exact insurance policy they should take for their business? If you are also in this state, let’s go into detail on the type of insurance available for small businesses.
Types of Business Insurance for LLC:
1. General Liability Insurance
What is the best general liability insurance for small business? General liability insurance is the one that covers all forms of loss or damages a business will incur along the line. It protects businesses against financial loss due to bodily injury, property damage, medical expenses, defending lawsuits, and settlement of judgments.
2. Product Liability Insurance
This coverage for businesses that are into manufacturing, wholesaling, distribution, and retailing a product. It protects businesses against financial losses due to a defective product that causes injury or bodily harm.
3. Professional Liability Insurance
This coverage is for businesses that provide services to customers or clients. It protects businesses against financial losses due to malpractice, errors, and negligence.
4. Commercial Property Insurance
This coverage is for businesses with a significant amount of property and physical assets. It protects a business against loss and damage of company property as a result of events like fire, storms, and vandalism.
5. Home-Based Business Insurance
This coverage is meant for businesses that are run from the owner’s home. It protects the added business equipment in the home and offers liability coverage for third-party injuries.
6. Business Owner’s Policy
This coverage is especially meant for home-based small business owners. It combines all the common coverage options into one bundle. This makes the process of buying insurance simple and helps you save money.
Small Business Insurance for LLC – Companies that your LLC can choose from:
State Farm is one of the best general liability insurance for a small business company that offers a variety of insurance coverage through a nationwide network of agents. The agents are business owners themselves. This means that they understand the needs of small business owners.
State Farm sells insurance in most states of the U.S, and its policies are designed for each stage of a company’s growth cycle. It offers general liability, professional liability, and other types of coverage that are added to suit individual needs. It also provides small business insurance designed for specific industries such as contractors, professional services, restaurants, and retailers.
- It operates through a nationwide network of agents
- General liability offerings are available in $1 million increments
- Different types of coverage are available, as well as other endorsements and add-ons.
- Customer service is never consistent with every agent
- Many agents do not have the legal right to write across state lines
Hiscox offers products that are mainly for independent contractors and freelancers. Its offers include standard liability coverage limits up to $2 million, but higher limits are available upon underwriting approval.
It covers many industries and policy types, with customized solutions for over 180 industries, including salons, consultants, therapists, and janitors. It is a good destination if you are searching for small business insurance for LLC
- It is a big international insurer
- Hiscox offers small business coverage in 49 states and Washington, D.C.
- Its policies are designed for micro-business needs
- It has only 9 U.S. offices
- The parent company is not based in the U.S.
- Its small business coverage is not available in Alaska
This business insurance carrier focuses on simple, straightforward insurance solutions. This makes it the perfect choice for small businesses with high-risk and general liability needs. Nationwide is rated A++ Superior for financial stability by AM Best.
Nationwide business insurance, in addition to general liability, offers other types of business insurance. It offers business property, commercial auto, BOP, workers’ compensation, EPLI, and equipment breakdown coverage insurance.
- Different industry specialties
- It offers investment services as well
- It is rated A++ by AM Best
- Its coverage is not available in Alaska or Hawaii
Small Business Insurance for LLC – The Hartford
The Hartford is the best when it comes to workers’ compensation as it offers employers pay-as-you-go plans. With such plans, employers do not over-or under-pay premiums because costs are based on actual payroll instead of projections. It also offers policyholders additional benefits such as a network of healthcare providers, prescription drugs, and so on.
The Hartford offers a variety of small business insurance for LLC like general liability, business owner’s policy, and commercial auto. Other policies available are commercial flood, data breach coverage, commercial umbrella, business income, and professional liability coverage. It also boasts of more than 21 industry specialties, including arborists, pet groomers, restaurants, printing, and publishing.
- It is the second-largest provider of workers’ compensation insurance in the U.S
- It offers state-specific and city-specific insurance requirement guides
- Hartford has pay-as-you-go workers’ compensation that reduces the risk of overpaying premium
- It provides you with a network of over a million healthcare providers to help injured workers
- You cannot file business claims on the app
- The application process is complex
Travelers is one of the best commercial property insurers in the U.S. It has developed extensive experience in the insurance sector. For many years, it has been ranked the top commercial property insurance company in the U.S. by premiums written.
Travelers offer insurance solutions tailored to the needs of companies in more than 40 industries. The business insurance includes commercial auto, cyber liability, surety bonds, and workers’ compensation.
The company provides coverage for companies that are international in scope as it operates in the U.S., Canada, and the U.K. it is a good destination for cheap small business insurance
- It is rated A++ rating by AM Best
- Travelers is the number-two commercial property insurer in the U.S. by premiums written
- It has more than 40 industry specializations
- Its features and prices are highly dependent on industry and operations
Small Business Insurance for LLC – Liberty Mutual
Liberty Mutual is one of the best insurers for business owners’ policies because the company has a fast and easy application process. It has streamlined business owner’s policies for a variety of industries that combine coverage in one cost-effective policy. It also boasts of 24-hour claim assistance through its nationwide contractor referral network.
Liberty Mutual offers its business insurance through independent agents across the U.S. its coverage includes commercial auto, equipment breakdown, inland marine, umbrella coverage, and workers’ compensation. There are also 11 industry-specific solutions, including construction, public entities, financial institutions, healthcare, real estate, and wholesale.
- It has a quick and easy claim process through App online
- It offers 24-hour claims assistance
- Its policies are serviced by independent agents
Small Business Insurance for LLC – conclusion
With this post, I am convinced that you know the importance of insuring your small business. Also, you have known some of the best small business insurance companies in the country that will protect you from business misfortunes.