For many limited liability companies (LLCs), LLC insurance is an essential part of running a successful business. Small business insurance for LLCs helps protect your company from claims that can come up during normal operations. Without it, you’d have to pay out of pocket to cover these claims, which can be very expensive.
What Is LLC Insurance?
LLC insurance helps protect businesses from different liability claims, like bodily injury or property damage caused by your:
- Business
- Employees
- Products
Many small businesses register as LLCs. This separates your business assets from your personal belongings. However, it doesn’t protect your business from the various risks it may face. Depending on the industry your business is in, LLC insurance may be necessary.
Do I Need Business Insurance for My LLC?
It’s a good idea to have business insurance for your LLC. Without insurance coverage, you’d have to pay out of pocket to cover claim costs, which may not be feasible for many small businesses. The insurance needed for small business depends on the type of small business you run and the risks it faces.
Be aware that LLCs may be required to have certain types of business insurance. For example, most states require businesses with employees to have workers’ compensation insurance.
If your small business provides professional services to customers or clients, you can be at risk of a liability claim. Certain types of LLC insurance, like professional liability insurance, can help:
- Protect your business’ property and possessions
- Lessen the risk to your personal assets
- Cover legal costs if a customer or competitor sues you
What Does LLC Insurance Cover?
LLC insurance from The Hartford provides liability coverage to help protect your business from financial losses. You may want to consider two important types of coverage: professional liability and general liability insurance.
Professional Liability Insurance for LLCs
As a small business owner, you try your hardest to keep your customers happy, but mistakes can happen. Our professional liability insurance helps protect you and your LLC if a customer sues you for making a mistake in the professional services given. This insurance is also known as errors and omissions coverage or E&O coverage.
Let’s say you own an accounting firm and one of your accountants makes a clerical error. The mistake causes your client to pay thousands of dollars in fees, so they sue your business. Professional liability insurance can help cover your legal costs related to their claim.
General Liability Insurance for LLCs
General liability insurance, also known as business liability insurance, can help protect you from claims that your LLC caused bodily injuries or damaged someone else’s property. Liability claims related to work done away from your business location may also be covered under products-completed operations coverage.
So, if a customer trips over a loose wire at your business and breaks their wrist, general liability insurance can help cover their medical expenses. Without it, you or your business would have to pay out of pocket for their medical bills.
This insurance can also help cover claims of personal injury. So, if you say something that can damage another person’s reputation, they can sue your business for libel or slander.
General liability insurance isn’t typically required by law. However, it’s still good to have because it helps protect your business. These kind of liability claims can happen during everyday operations, so it’s essential that you have general liability insurance coverage to help protect your business.
Additional Coverages To Consider With LLC Business Insurance
When it comes to insurance for small business, LLCs may also choose to get more coverage to protect against other liabilities. This can include:
- Workers’ compensation insurance: Most states require businesses with employees to carry workers’ compensation. It gives your employees benefits to help them recover from a work-related injury or illness.
- Commercial auto insurance: This helps cover property damage or medical expenses if you or an employee gets into a car accident while driving a company-owned vehicle for work.
- Business income insurance: If your business can’t open because of covered property damage, this insurance can help cover your lost income.
- Commercial property insurance: This coverage helps protect your LLC’s owned or rented physical location and the tools and inventory you use to operate. Commercial property insurance also provides business renters insurance for rentals.
How Much Does LLC Insurance Cost?
LLC insurance costs vary. That’s because every small business is different and has unique needs. Insurance companies look at different factors to determine a business’ LLC insurance cost. This can include your:
- Claims history
- Number of employees
- Revenue
- Location
The best way to find out how much LLC insurance costs your business is to get a quote.
Get LLC Insurance From The Hartford
We’re an experienced insurance company with more than 200 years of experience. We know every small business is unique. Our specialists can work with you to get the right type of liability coverages and make sure you’re complying with state laws. Get a quote today and see how LLC insurance from The Hartford can help protect your business.
Why is insurance important for single member LLCs?
Here are a few reasons why insurance is crucial for LLCs, sole proprietors, independent contractors, franchises, and other small business structures.
You may need insurance coverage to sign a contract or a lease. Clients and landlords may require you to carry insurance to protect themselves against potential losses. In some cases, they may ask you to list them as an additional insured on your policy.
You may need insurance to comply with the law. Depending on the laws in your state, you may need coverage for a business-owned vehicle, to obtain a license in your field, or to protect against work-related injuries.
You gain client trust by being insured. Even when it’s not required, carrying insurance is a sign of professionalism and financial stability. It helps attract clients and can give small business owners an edge over their competitors.
LLC insurance protects your business from catastrophic losses. 43% percent of small businesses have faced or been threatened with a lawsuit, but they often lack the resources that larger companies draw upon to survive a legal battle. The right coverage helps your LLC withstand unexpected costs from customer injuries, fires, and other incidents that might otherwise prove devastating.
How do I get a certificate of insurance?
With Insureon, you can usually get a certificate of insurance on the same day that you apply for quotes. It’s a simple three-step process:
- Fill out our easy online application.
- Compare free quotes from top-rated insurance companies.
- Buy a policy and download a certificate of insurance.
A certificate of insurance will outline the details of your business liability insurance, such as policy limits, deductibles, and any endorsements (modifications or additional coverages). It serves as proof of insurance for clients, landlords, lenders, and anyone else who asks whether your business is insured.
Does my profession affect what type of insurance I need?
Yes, the type of work you do can affect which business insurance policies you need.
For example, the law in several states requires workers’ comp coverage for construction contractors, even if they work alone, due to the high risk of injury. Plumbers and landscapers may need a general liability policy to obtain a license.
In some states, real estate agents and brokers are required to carry errors and omissions insurance.
Manufacturers, retailers, and others involved with products should consider carrying product liability insurance. Often included in general liability insurance, this policy covers liability claims related to harm caused by a product.
Cleaning businesses may need a janitorial bond before a client will allow cleaners onto their property.
It may take a little research to find out which type of business insurance coverage you need. Review information for businesses we insure, or simply ask our licensed insurance agent.
How can I save money on LLC business insurance?
Insurance is usually affordable for small, low-risk LLCs. There are a few ways to find cheaper business insurance:
Bundle policies. Many small business owners buy general liability coverage and commercial property insurance together in a business owner’s policy (BOP), which costs less than purchasing each policy separately. It’s sometimes possible to bundle additional coverages, depending on your profession.
Shop around. Compare insurance options from different providers to make sure you’re not paying too much for insurance. With Insureon, you can get quotes today with our free online quote.
Choose a higher deductible. You can customize your insurance policy to save money, such as by choosing a higher deductible or lower policy limits.
Avoid claims. Finally, take steps to reduce your business’s risks. Prompt cleanup of spills, the elimination of clutter, and bright lighting can help customers and employees avoid accidents, which helps keep your premiums low.
What other types of coverage do LLCs need?
The policies your business needs depend on your specific risks, such as whether you drive for work or have a client who requires a certain type of insurance.
Other coverage options to consider include:
Business interruption insurance: Also known as business income coverage, this policy covers lost income if your business is forced to close temporarily due to a fire or extreme weather. It can often be added to a business owner’s policy.
Hired and non-owned auto insurance: An HNOA policy provides liability protection for an LLC where employees drive their personal vehicles, leased vehicles, or rented vehicles.
Directors and officers insurance: This coverage protects an LLC’s board members and officers from lawsuits claiming their decisions resulted in a financial loss.
Commercial umbrella insurance: Umbrella insurance covers legal expenses when the limit is reached on another liability policy, such as general liability or commercial auto insurance. LLCs may need this coverage to meet client requirements for higher liability limits.
View all small business insurance policies.
Small Business Insurance for LLC: Best Options
Why an LLC needs business insurance and what are the best options
One of the first things you should do for your new business is purchase business insurance coverage. Without insurance, you’ll have to pay any claims against your business out of pocket just to stay afloat. That’s why even if you have a limited liability company (LLC), the right coverage can save both your personal assets and your business assets. This article is designed to give small business owners all of the information they’ll need to pick the right business insurance policy for their LLC.
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Small Business Insurance Basics
When dealing with insurance, there are three parties you need to be aware of: the insurer, the insured and the policyholder. The insurer is usually a large company that sells insurance and pays out claims (e.g., Geico or State Farm). The insured is the person or property covered by an insurance policy. This can be your home, your car or in this case — your business. The policyholder is the person that purchases and owns the insurance policy. In this case, it’s you, the small business owner.
If you’re shopping for any type of insurance, you’ll likely see the word “indemnity” a lot. This simply means to compensate someone for a loss; or to secure someone against legal liability. For example, say you have auto insurance from Geico. Geico will “indemnify” you in the event that your car is involved in an accident. In other words, Geico will compensate you for the financial loss you suffered — paying to fix your car.
Common Types of Business Insurance
Now that you have an idea of how the insurance world works, here are some of the most important types of small business insurance for LLCs.
General Liability Insurance
General liability insurance may sometimes be referred to as business liability insurance. For many small businesses, this is the only protection you’ll need. General liability coverage protects your LLC from any claims that your business caused harm to somebody or to their property. This includes any personal injury connected to your business (e.g., a customer slip-and-fall). Additionally, general liability insurance covers any damage you may cause to your LLCs rental property. So if your LLC is leasing a space to run its business, general liability insurance is highly recommended.
Business Income Insurance
You may see this coverage referred to as business interruption insurance. That’s because it covers a business’s lost income in the event that its normal business activity is interrupted due to some property damage. In other words, the insured business can be compensated for the financial loss it suffered by not being able to open.
For example, say there’s a fire in your building and you won’t be able to open your business until the building is repaired. If you have business income insurance, you can be compensated for the income you would have made while your business is closed for repairs.
Commercial Property Insurance
This insurance covers the business property that your LLC requires to conduct business. This can include any real property your LLC leases or owns; as well as the inventory and tools required to do business.
For example, a factory would want this coverage in case an expensive machine breaks and the factory owners have to replace it.
Business Owner’s Policy (BOP)
A business owner’s policy is one of the easiest ways to insure your small business. It bundles together the typical coverage options that are essential for any small business. This way, you can focus on getting your business up and running rather than deal with insurance agents.
A typical business owner’s policy will include general liability insurance, commercial property insurance and business interruption insurance. This is a good starting point, but you may need additional coverage depending on the nature of your business.
Professional Liability Insurance
General liability insurance policies will not protect you against claims of negligence, malpractice, mistake or misrepresentation. So, certain business owners should get additional coverage to protect themselves and their business against claims arising out of the service they offer. Professional liability insurance will typically cover claims of negligence or professional malpractice. This liability policy is vital for professionals such as accountants, attorneys, architects, doctors or any other professional that renders a licensed or specialized service.
Depending on the professional service your small business offers, you may see professional liability insurance referred to differently. For example, doctors will get medical malpractice insurance and real estate agents will get errors and omissions insurance.
Workers’ Compensation Insurance
This insurance covers employees while they recover from a work-related bodily injury or sickness. This may include medical bills, lost wages, rehabilitation costs and even death benefits to the families of an employee killed on the job. In most states, it’s required for businesses with employees to have this type of insurance.
For example, a construction company will have this coverage in case one of their workers falls off a ladder at work, breaks his arm and can’t work for a few months.
Commercial Auto Insurance
This insurance covers property damage and medical expenses if a company-owned vehicle is involved in an accident. You’re going to want this coverage if your business relies on vehicles, for example, if you own a trucking company, transportation service or delivery service.
For example, a food truck business will want this coverage in case the food truck is involved in an accident and needs repairs or the driver is harmed.
Cyber Liability Insurance
This is a specialized type of coverage that protects your business from data breaches and cyber attacks. With businesses becoming more and more dependent on computers and the internet, hacking is on the rise. So, if your company’s computer system gets hacked or there’s a security breach, cyber liability insurance will cover the cost of fixing this issue.
Cost of Small Business Insurance
The cost of your small business insurance will vary depending on your insurance coverage needs and which insurance company you use. That’s because each policy is tailored to the circumstances surrounding the insured business and each insurance company uses different factors to determine the cost of each policy. The most common factors an insurance company will consider when creating your policy include:
- Which industry the business is involved in
- Number of employees working for the business
- Amount of payroll the business budgets for
- History of liability claims
- Average amount of customers or sales the business does
Fastest turnaround timesTop notch customer supportOver 300,000 businesses formed
Offers attorney consultationsHighly reputable with user baseOver 4 million businesses formed
Free year of Registered Agent servicesOffers business bank accountOver 800,000 businesses formed
Frequently Asked Questions
How much does small business insurance cost?
What are the benefits of small business insurance?
What small business insurance do I need for my LLC?
What is the difference between liability insurance and property insurance?
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What is an LLC?
An LLC is a limited liability company, which is a business that is completely separate from your personal finances.
This means that the LLC forms a wall between the company and you, the business owner, protecting your personal assets from being negatively affected if someone sues the business or if someone gets hurt as a result of your work.
It’s more complicated to create an LLC than to simply run your business as a partnership or sole proprietorship, but there are real advantages to setting up an LLC.
Learn more about the pros and cons of creating an LLC versus other types of companies.
Do I need business insurance if I have an LLC?
You might be wondering: do I need business insurance for my LLC? The short answer is yes.
One of the main benefits of forming an LLC is that your personal assets are more protected.
If a vendor slips and breaks their arm at your job site, your business could still be liable for covering the medical fees. If you don’t have liability insurance for your LLC, your business finances could be severely impacted.
A lawsuit could also put your business at risk. If you don’t have the proper insurance, you could be forced to pay out of pocket for legal defense costs even if you aren’t found liable.
The only way to cover your business against these types of scenarios is to get LLC business insurance.
What type of insurance does an LLC need?
To get the full advantages of having an LLC, it’s crucial to support your business with the right amounts and types of insurance. It can help to cover your business if there’s an accident, injury or mistake.
Here’s a guide to some of the most common types of business insurance for LLCs:
General Liability insurance
General liability insurance for LLCs can help to provide financial protection if an accident occurs at your business, such as a customer injury or damage to someone’s property.
Bodily injury
Sometimes liability insurance is called “slip and fall insurance.” This is the part of your policy that would help protect your business if a client falls down the stairs at your office and breaks their arm.
Property damage
General liability also covers property damage to items that don’t belong to you. If you accidentally break a client’s window, your insurance will cover repair expenses up to your policy limit.
Learn more about general liability insurance.
Workers’ Compensation insurance
Workers’ compensation insurance can help pay for medical care and lost wages after a workplace injury. It’s almost always required if you have employees and it’s also a good idea to have business owner’s coverage for yourself.
Learn more about workers’ compensation insurance.
Commercial Auto insurance
Commercial auto insurance provides coverage if you are involved in an accident in a business-owned vehicle. It can also provide coverage for accidents in your personal vehicle while it’s being used for work-related purposes.
Learn more about commercial auto insurance.
Commercial Property insurance
Commercial property insurance can help protect your business equipment, inventory and the building you work in. If your office is destroyed in a fire, property insurance can help with replacement costs or repairs.
It can also help with the loss of business income while you get back up and running.
Learn more about commercial property insurance.
Professional Liability insurance (E&O insurance)
If you make a mistake or a customer lodges a claim against you, professional liability insurance can help provide the financial protection you need to defend your company.
Learn more about professional liability insurance.
How much does business insurance for LLCs cost?
So how much is LLC business insurance? The business insurance cost LLCs face varies, depending on the kinds of risks your business faces. Some of these risks can include:
- How many vehicles you use for work
- Where your business is located
- What kind of work you do
- How long you’ve been in business
- Your claims history
- How high you set your coverage limits
- If you have or are going to hire any employees
The exact price you’ll pay depends on all these factors. Bear in mind that, in general, jobs that include working on other people’s property often have higher insurance costs.
NEXT calculates your premium (that is, your insurance costs) by taking into consideration all of the factors listed above, such as the likelihood that you’ll make a claim and how many vehicles you have.
Note: It’s important to provide the most accurate information about your business when you get a quote for insurance to make sure you get the coverage that is right for you and any claims are processed without delays.
How do you get LLC insurance?
With LLC insurance, a company is covered in the event of an accident or injury. A customized insurance package will boost your confidence and allow you to focus on your business.
NEXT is a one-stop shop for helping LLC businesses find the right insurance at affordable prices.
Since we only help small business owners like you, we can create a customized business insurance package tailored to your exact needs.
Everything is online, so you can get an instant quote, review options and buy coverage in less than 10 minutes. You’ll have immediate 24/7 access to your certificate of insurance (COI) as soon as you buy your insurance.
Get an instant quote today to get started.
What is general liability insurance?
General liability insurance (GL) protects against lawsuits and other claims arising from your operations. Also called business liability insurance, it covers a wide range of risks that small business owners face, including:
- Bodily injury and property damage
- Personal and advertising injury
- Medical payments
- Products-completed operations
- Damage to premises rented to you
Learn more about these general liability coverages and how they can protect your business.
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Who needs general liability insurance?
A commercial general liability policy is a good fit for businesses that work with clients, sell products, advertise, and more. While not required by law, general liability is the most common type of business insurance because it protects from a variety of third-party claims and lawsuits.
Common professions that purchase general liability insurance include:
In some cases, employers or clients might require you to carry a certain amount of general liability before you can work for them. Read through your contracts carefully to make sure you select the right limits when getting a general liability insurance quote.
General liability insurance for contractors
Contractors typically need some form of business liability insurance to protect from risks that arise during their work. Matching liability coverage to your exposure can give peace of mind against unexpected lawsuits.
For example, if a pedestrian trips over tools a landscaping company left on the sidewalk, a general liability insurance policy can help pay their medical expenses and the business’s legal costs.
You can buy general liability insurance through the Progressive Advantage® Business Program. We can also help qualifying contractors get blanket additional insured coverage, which extends your existing liability insurance to other entities. Some contracts and employers require this general liability endorsement.
General liability insurance cost
In 2022, the national median cost of general liability insurance through Progressive was $53 per month. The average price was $72.
Most customers find their monthly premium to be closer to the median price because expensive outliers often drive up the average cost. Your rate will depend on specific features of your business, such as your profession and number of employees.
Discover more about general liability insurance cost and learn money-saving tips to help you find the best combination between price and protection for your business. Call us or start a quote online to get a customized general liability policy.
Get it all in a BOP
A business owners policy (BOP) that packages liability and property coverages might be a better choice for your company if you own or rent property.
Small and medium-sized businesses, such as restaurants and retail stores, should consider the additional protections found in a BOP.
Common questions about general liability insurance
Is general liability insurance required by law?
No, but failing to carry general liability insurance could result in you having to pay for all the expenses related to a claim against your business. For example, while visiting your office a client slips on a rug and breaks their hip. Without general liability insurance, you could be solely responsible for all the medical bills and legal fees. So, even though it’s not required by law, it should be a priority for your business.
Does general liability insurance have a deductible?
Yes. You choose the amount of your general liability deductible when you get a quote. A deductible is a fixed out-of-pocket expense you agree to pay before your coverage starts to pay.
Does general liability insurance cover theft?
General liability insurance only pays for third-party damages, not yours. You’re considered the “first party.” The “third party” is the one that has a claim against you. This means general liability won’t cover your property or equipment against theft or damage.
To protect your property, we offer business personal property coverage as a part of a business owners policy.
Is general liability insurance tax deductible?
Yes. Since general liability premiums are considered “a cost of doing business,” they usually can be written-off at tax time. That said, it’s a good idea to consult a tax professional to make sure.
Does general liability cover professional mistakes?
No. General liability only provides coverage for claims against you by others for their bodily injuries or damage to their property. To protect from claims against you for professional neglect or mistakes, you need to have professional liability insurance.
What is a certificate of insurance?
A certificate of insurance (COI) is an official document that lists all coverages and limits on an insurance policy. Essentially, it proves that you have insurance and details your policy coverages and limits.
Can Progressive help me get general liability insurance in my state?
Yes. Progressive can help you get business insurance, including general liability, in all states except Hawaii. Browse by state.
Can high-risk businesses get general liability insurance?
Yes. High-risk businesses can get general liability insurance in a specialty market called excess and surplus lines (E&S). E&S insurance provides coverage for businesses the standard market doesn’t protect.
Does a limited liability company (LLC) need general liability insurance?
It depends. While not legally required, LLCs might need general liability insurance to fulfill certain contracts, such as a lease. Regardless, it’s a good idea to have a general liability policy to protect against lawsuits and expensive claims against your business.\
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If you’ve already set up your business as a limited liability company (LLC), you may be wondering if that’s enough. After all, an LLC separates your personal assets from your business ones. Do you really need to go the extra mile and get LLC insurance?
Business insurance is a smart buy. Some types of coverage are essential for all businesses—whether you’re a solopreneur with budding freelancer.
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What Is LLC Small Business Insurance?
LLC small business insurance refers to coverage types designed to protect business assets. For example, an essential business insurance coverage type is liability insurance. This covers your LLC for problems like accidental property damage and injuries caused to others, such as a customer who trips and falls while shopping in your store.
You can choose between several different small business coverage types. Pick the coverages that best suit your LLC’s needs. For example, if you use a car for business purposes, you can buy a commercial auto insurance policy.
Even with an LLC, small business insurance is important to have. This is because your LLC structure only protects your personal assets from lawsuits. It leaves your business assets completely exposed—unless you have LLC small business insurance.
Do You Need LLC Small Business Insurance?
In some high-risk industries, like agriculture, construction and manufacturing, LLC small business insurance is a must-buy. But even in low-risk industries like freelancing, bookkeeping and home-based businesses, LLC insurance is still highly encouraged. The three most common insurance needs that all businesses have are general liability insurance, commercial property insurance and workers compensation insurance.
The future is full of unknowns, and you never know when a thief may steal your laptop, an artist may sue you for copyright infringement or a client may take you to court for breaching a service contract.
“Many businesses operate for years without being sued, but if you are sued, the payments requested by attorneys can be catastrophic,” says Nelson.
Think of it like this: If you don’t have the money to replace expensive equipment or fight a lengthy court battle, you need some type of LLC small business insurance—even if it’s just a professional or general liability policy.
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What’s Covered by LLC Small Business Insurance?
At its core, LLC small business insurance protects your business from financial losses in the event of an accident. What’s covered will depend on the coverage types you buy.
Here are some of the main types of small business insurance.
Business owners policy for LLCs
Think of a business owners policy (BOP) as a bundled insurance package for small businesses. It can be a great fit for LLCs because it covers some of the most common risks you may face, including property damage and liability.
BOPs typically come bundled with these three policies:
- General liability insurance. This covers accidental injuries and property damage to others. General liability insurance also pays for legal costs, judgments and settlements if you’re sued.
“If your LLC has vendors or customers—or if you lease or own property—general liability insurance is highly recommended,” says Dana Beck, Chief Underwriting Officer, Small Commercial, at Travelers. “In fact, vendors and landlords often require it.” But there are differences between a standalone general liability insurance and business owners policy.
- Commercial property insurance. As an LLC, you likely have some business property, whether it’s office furniture, equipment or inventory. If that property is damaged or destroyed by a problem covered by your policy (like a fire), commercial property insurance can help you repair or replace it.
- Business interruption insurance. This coverage can help your LLC stay afloat if you have to temporarily close your doors due to a problem covered by your policy. For example, say a severe storm damages your office, and you must close for two weeks while repairs are made. Business interruption insurance can help cover the cost of rent at a temporary location, employee salaries and other necessary expenses.
Other types of business insurance for LLCs
BOPs are a great starting point, but they aren’t the only type of business insurance your LLC may need. In addition to a BOP, you may want to consider one or more of these coverage types, depending on your situation:
- Commercial auto insurance. Your personal car insurance policy most likely excludes coverage for business use. This means you’ll need to purchase commercial auto insurance if you or your employees use your vehicle for work-related purposes.
- Workers compensation insurance. If you have at least one employee, you’re required to have workers compensation insurance in most states. This type of insurance can help you cover the cost of medical bills, lost wages and other expenses associated with workplace injuries or illnesses.
- Professional liability insurance. Also known as errors and omissions insurance, this type of policy is vital for any LLC that provides professional services, such as consulting, accounting or financial planning. It helps cover the cost of claims against professional mistakes.
“Even if you’re doing everything right, people make mistakes,” says Paige Nelson, Director of Product Development at Acuity Insurance. “If you’re a contractor and install the wrong flooring, it didn’t cause any damage, but it still needs to be replaced. This coverage would pay for that error.”
- Product liability insurance. If your LLC manufactures, creates, distributes or sells physical products, then product liability insurance is a good coverage type to have. It can help you cover the cost of litigation if your products cause property damage or injuries to someone else.
How Much Does LLC Small Business Insurance Cost?
A business owners policy costs an average of $57 a month, with 42% of business owners paying less than $50 a month, according to Insureon.
LLC small business insurance costs will vary depending on factors such as:
- Your type of business
- The size of your business
- Location of your business
- Number of employees
- Payroll
- Business assets
- The years of experience of your business
- The amount of coverage you buy
- Your insurance deductible amount
- Your insurance claims history
How Do I Get LLC Small Business Insurance?
You can find cheap small business insurance for your LLC in a few steps:
- Determine how much coverage you need. A business owners policy is a good place to start. Then you can add additional coverage types as necessary.
- Shop around. Compare business insurance quotes from multiple insurance companies. You can shop online or speak with an independent insurance agent who specializes in small business insurance.
- Bundle policies. You may need several different coverage types to cover your LLC’s bases. You’ll typically save money by purchasing multiple policies from the same insurance company.
- Manage your LLC’s risk. You may be able to get discounts if you take steps to mitigate your LLC’s risks, such as installing security alarms, creating a safe workspace, reducing your exposure to cyber threats and developing an employee handbook.
To get the most accurate small business insurance quotes, make sure you have all your LLC information ready, such as:
- Your contact information
- Your business location, address and details
- The type of business you operate
- Your estimated business revenue
- How many employees you have
Once your policy is in place, consider reassessing your risk at least once a year or anytime your business liabilities change. For example, expanding the types of services you offer, moving to a new location or hiring more employees could mean you need to add more coverage to your policy.