Best business insurance options for LLCs

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    Structuring your business as an LLC can protect your personal finances in the event of a legal dispute, but you will still need general liability insurance and other commercial policies to protect your business assets.

    The best Business insurance LLC providers offer convenient packages and great customer service, whether you prefer an online or in-person experience.

    Do LLCs Need Business Insurance?

    An LLC, or Company with limited liability, so named because it limits the impact of claims on the personal finances of owners when their business is held liable. If the company is sued or threatened with bankruptcy, your personal assets should be protected – as long as you haven’t mixed up personal and business finances or broken the law.

    However, that doesn’t mean the company’s assets are protected. If your LLC is held responsible for damaging someone’s property, hurting someone, or making a mistake that resulted in, for example, financial loss, it may have to pay medical bills, billing bills, and more.

    In such cases, corporate insurance for your LLC is beneficial.

    What is LLC Business Insurance?

    LLC business insurance can refer to several individual types of coverage, which may be bundled together. Most businesses, including LLCs, should have some or all of the following characteristics:

    A Business Owner Policy is often a good start. These packages usually offer general liability and public liability insurance. Many also contain Business interruption insurancethat compensates for lost revenue if your company has to interrupt operations due to an insured loss.

    There are many others Types of business insurance that protect against more specific types of risk. For example, if your company makes or sells products, processes sensitive data, or sells alcohol, you may need more specialized safeguards.

    What Are The Best Insurance Options For LLCs?

    Buying multiple insurance policies from the same provider can make the shopping experience easier for a busy business owner. Many insurers offer industry-specific packages with discounts. And when you have to file a claim, you work with a similar system every time.

    Here are our recommendations for the business insurance providers who can meet the requirements of an LLC.

    Chubb: Best Total Commercial Insurer

    • Above average score for customer satisfaction in JD Power’s small business insurance study 2021.

    • Some insurance products are available for riskier, newer, or difficult-to-place industries that may not be covered elsewhere.

    • You can only purchase basic policies online, including general liability, professional liability, and business owner policies.

    Why we like it: Chubb is the largest commercial insurer in the United States, according to the National Association of Insurance Commissioners. The company offers a straightforward package of insurance options that are easy for a small business owner to navigate and customize, as well as many more sophisticated options to help an LLC grow. In addition, the above-average customer satisfaction is worth a look.

    State Farm: the best hands-on shopping experience

    • A professional liability insurance exists as part of a BOP.

    • Industry-specific packages make it easy for business owners to identify the coverage they may need.

    • Above average score for customer satisfaction in JD Power’s small business insurance study 2021.

    • No online access for commercial insurance customers.

    Why we like it: State Farm policies are sold through a nationwide network of State Farm insurance agents. With business insurance customers currently unable to create accounts online, you will likely work with your insurance agent not only to get a quote, but also to make and pursue claims and purchase additional insurance coverage. Because of this, it is important to find a State Farm agent that you like and trust.

    Next: Best digital first experience

    • Get a quote and buy a policy online in minutes.

    • Claims can be submitted online and resolved within days.

    • Next has some pricing information online so you can see basic numbers before bidding.

    • Next was founded in 2016 and doesn’t have the long tenure like many of its competitors.

    Why we like it: In general, it is still difficult to meet your business insurance needs online – some insurers don’t even offer online quotes. However, if you share information about your LLC with Next, the company says they can identify the policies you need and get you a quote within minutes. You can also complete the purchase online and get help if needed.

    Hiscox: Best for LLCs with international clients

    • Professional indemnity insurance covers work that is carried out around the world.

    • Industry-specific packages make it easy for business owners to determine the coverage they need.

    • Can get a quote online and purchase a general liability policy.

    • Hiscox business owner guidelines are not available in all states.

    Why we like it: Hiscox specializes in business insurance, offering a variety of insurance options packaged in different ways for companies in 180 industries. In particular, professional indemnity insurance covers work that is carried out anywhere in the world, although claims must be made in the United States or Canada.

    How Much Does LLC Business Insurance Cost?

    the Business insurance costs for your LLC will depend on many factors including the industry, location, and size of your business. Getting quotes from insurers is the best way to gauge how much you will pay.

    Although you can get a quote for business insurance online on a regular basis, you must be with one Insurance broker or agent to buy a policy in many cases. Working with a broker comes at an additional cost – most brokers and brokers are paid with commissions, and brokers may charge fees – but working with one can help you understand the coverage you need.

    In general, NerdWallet recommends seeking quotes from multiple vendors before purchasing a policy.

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