General Liability Insurance For Llc Cost - Are you a small business that is also a limited liability company (LLC)? While this business form provides protection for your assets, your LLC will need to be insured if the worst happens. If you're new to business property or insurance, a good place to start is usually getting general liability insurance for your LLC.
Below we will go over why the LLC needs general liability insurance, what it is and where you can get it. Also research the top auto insurance companies to find the 6 best options for your business.
General Liability Insurance For Llc Cost
We researched more than 20 business insurance companies and here are our recommendations for the 6 best providers of general insurance for LLCs.
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An online insurance broker, CoverWallet makes it easy for LLCs to compare common coverage quotes. You can get closing quotes for many types of businesses, from commercial to legal. Comparing multiple quotes from multiple companies is the only way to get the cheapest.
Their online system allows you to get quotes for many policies, such as commercial auto insurance, commercial property insurance, and general liability insurance. It's a one-stop shop for you to compare multiple quotes on different insurance policies your LLC may need.
After purchasing a policy from CoverWallet, you will be able to use their digital dashboard to manage your business insurance policies in one place. The digital dashboard also offers great features like downloading an insurance certificate, submitting a claim, or renewing a policy.
As an insurance company that has been around for over a century, Hiscox knows what customers want: affordable premiums!
Commercial General Liability Insurance
They offer a range of payment options and flexible plans, so LLCs can get the insurance they need without the hassle. Hiscox is a global company with more than 3,000 employees in 14 countries. If your LLC happens to operate outside the United States, ie. If your customers or suppliers are outside the US, your LLC is well protected by Hiscox.
If you're looking for insurance companies with a long history of service, you can't go wrong with Hartford. Founded in Connecticut in 1810, this American-made company has over two centuries of experience in the insurance industry and working with LLC businesses.
Hartford is also known for its wide variety of coverage, from cyber insurance to general liability insurance for LLCs. With their long history of working with LLCs, they also have a small insurance option with a section of their site dedicated to helping LLCs find the right insurance coverage.
If your LLC is a small cafe or family store, you may need more general insurance. In this case, Next Insurance offers fast, affordable, online quotes and coverage. The company also prides itself on closing fast for self-employed people. Most companies can fill out an online form and get an opportunity in 10 minutes or less.
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Another online business insurance provider is InsurePro, which focuses on small business insurance. If you are looking for the most affordable policy, this may be the best option. InsurePro says it offers plans for $17 a month. Their unique offering is that you can purchase coverage for a few days or weeks, which can save you a lot of money if you don't need a traditional annual policy.
InsurePro works with top-rated carriers and rates coverage based on their rates to ensure they get you the best rate possible.
Just Business is a digital brokerage firm specializing in serving small businesses. What sets them apart is that they partner with many reputable carriers that have a strong financial balance and offer low cost coverage. This makes it easier for you to get cheap general liability insurance quotes with them.
After submitting your information, Simply Business will provide several referrals from their partners. Many of their carriers may not be very well known but they offer the best affordable quotes that you can't get any other way.
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Finding and comparing multiple quotes online is quick and easy. Within 10 minutes you will find the cheapest one for you.
A limited liability corporation (LLC) is a way to legally set up your business for tax and personal benefits. Basically, you register your business with the state as an LLC. In return, you get protection from the law and the ability to take additional tax deductions.
As an LLC owner, your assets are protected by laws. A plaintiff sues your company, failure to provide service, lack of access to your checking account, home, and other belongings. They can only receive assets held by your LLC.
LLCs also allow for pass-through taxation. The LLC passes any profits along to the owners who then pay taxes on the income. This is different from a C corporation that pays business taxes on profits and gives some of it to its owners who also pay income taxes on the income.
General Liability Insurance Quote
General liability insurance protects you if someone claims your business causes bodily injury or property damage. This is often called "slip and fall insurance" because it covers you if someone slips on your property and sues your business for bodily injury.
In addition, general insurance usually covers court costs, property damage claims, medical expenses and the like. It can also help with additional protections such as claims against defamation and libel, which creating an LLC alone will do nothing to protect you from.
Some insurance companies also offer additional coverage with their general liability insurance policies. This can include product liability, in which your company is protected if the product you sell injures a customer or damages their property.
General liability insurance for an LLC is still a limited type of insurance. Many companies end up buying multiple policies to protect themselves in certain situations. Other similar events that may not be covered in a general liability policy include:
Best General Liability Insurance For Llcs
An LLC can help you and your company. It protects your assets in case someone accuses you. A lawsuit can only go after your business assets, not your personal assets.
Because the LLC protects personal assets, many people assume they don't need general insurance. However, this is not the case. An LLC alone cannot protect your business from the law. General liability insurance is one of the most common types of coverage for all types of businesses. It provides coverage for legal costs, fees, lodging, and other related costs for damages to the client or their property.
In addition, the LLC may require other types of insurance depending on the products and services that the LLC sells. For example: If an LCC sells professional advice, it is likely that you will need professional liability insurance, also known as "malpractice insurance" or "errors and omissions or E&O insurance". Or if the LLC sells a product such as pet food, it may require "product liability insurance."
Most LLCs will require general insurance coverage in the event an accident occurs on their premises or one of their employees causes injury or damage during the course of business operations. However, there are some businesses that are less exposed to this type of risk, such as:
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In general, if you don't have a place to sell or visit a customer's place to do business, you have a lower risk of damaging the property or harming the customer.
It is still possible to claim damages for advertising or claim coverage for certain circumstances, such as professional misconduct or loss of property. So, don't think that your LLC can go without any insurance.
Speaking of which, there are several types of coverage that an LLC may need depending on the industry in which they operate. Let's take a quick look at some options:
The number one factor that affects how much a small business can expect to pay in insurance premiums is the industry in which they operate. The higher the risk of being sued, the higher the premiums. The highest premiums are for construction and contracting. This is a lot of physical work and a wrong measurement can mean that the roof covering is inside. Meanwhile, the photo and video industries have lower premiums because less can go wrong and they usually don't involve someone else's property.
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Even the location of your business can affect your premiums, as if you are in a crowded area, increasing your foot traffic and the risk of being sued. The length of time you've been in business and how your income has been growing can affect premiums.
In our study, the cost of a typical insurance policy for LLCs was anywhere from under $300 per year to over $900 per year. The percentage breakdown runs:
As you can see, prices can vary. Make sure you shop around with a few companies or digital brokers to find the cheapest CoverWallet for your LLC.
Since your premiums depend on other factors, there are ways to save money when buying cheap general liability insurance.
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