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Business Insurance for LLC, LLC Insurance

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Latest Business Insurance Updates

Small Business Insurance Checklist

2021-09-24 15:00:00

As a small business owner, you have many challenges that most people do not understand! These day to day issues can chew up your valuable time and not be at all revenue producing.

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Small Business Insurance Checklist

2021-09-24 15:00:00

As a small business owner, you have many challenges that most people do not understand! These day to day issues can chew up your valuable time and not be at all revenue producing.

einsurance.com

There are several different types of business structures to choose from in the United States. They’re generally broken down into the following categories:

  • Sole proprietorship 

  • LLC (Limited Liability Company)

  • Corporation (S-Corp or C-Corp)

LLCs are, by far, the most common structure. So, in today’s post, we’re going to discuss limited liability insurance, also known as LLC insurance. This will include answering some FAQs, providing you with the average cost of liability insurance for LLCs, as well as a close look at some of the most popular, best LLC insurance companies. We’ll give you a quick background on each company, break down a few of the top pros and cons, its LLC insurance cost, and our expert rating of it.

Let's start by answering a few of the most commonly asked questions about purchasing limited liability insurance for LLCs! 


Small Business Insurance For LLC

If you’re tempted to skip the process of purchasing business insurance for your LLC, then think again. Your LLC business insurance policy can quite literally save you big amounts of money should some financial loss or unexpected expenses pop up. 

For example, let’s say you own a construction company. As your truck is driving down the highway, a bucket falls out, causing a five-car pileup accident that you are responsible for. Providing that you have a good business insurance policy, though, you won’t have to worry about paying anything out of pocket! 

General Liability Insurance for LLC 

This is exactly why it is important to have commercial general liability insurance for LLC. Essentially, CGL for LLCs covers any financial loss caused by damage or harm that comes to people, employees, or property as a result of your business operation. Whether you own a personal training business and your client gets injured throughout your fitness class, an online retailer and your employee was injured while packing a product that has to be delivered to a customer, a barber shop or hair salon and you accidentally injured your customer with the sharp tools you used to give them a haircut, a bakery, restaurant, cooking business or any other type of food business where your customer gets food poisoning after eating your baked food, or you own a cleaning business and accidentally break a window. The potential financial risks of LLC business operation are endless and you want to be covered. 

LLC Workers Compensation Insurance

Workers’ compensation insurance for LLC is designed to take care of employees who are injured on the job. It will help pay medical bills if they need to go to the doctor, compensate their lost wages if they miss work, and help protect you if an employee tries to sue your company after an accident.  

If you have several employees, you should also consider purchasing workers’ comp LLC insurance. A win-win for both your business and your employees. Read More on Workers Compensation Insurance.

Commercial Property & Commercial Auto Insurance for LLC & More

There are other types of coverage that you can purchase to protect your commercial property, commercial vehicles, and other business assets from theft, damage, and other risks as well. 

Business Owners' Policy (BOP) Insurance for LLC

A good thing to consider is having Business Owners Policy (BOP) for LLC, as it usually combined several coverages in to that one single policy at discounted rates, so be sure to check that out when you compare your LLC insurance quotes online through this page

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LLC Business Insurance FAQs

As you can see, having LLC business coverage is vital if you want to avoid headaches and save money. Now, that you know why having general liability insurance for LLC businesses is so important, let’s take a few minutes to answer some of the most commonly asked questions regarding the topic at hand.

LLC Insurance Cost

Business insurance cost LLC: Limited liability insurance cost varies depending on many business-specific factors. However, while general liability insurance cost for LLC and small businesses may start from as little as $21 per month or $250 per year with some of the cheapest business insurance providers out there, the average cost of general liability insurance for LLC is approximately $46 per month, or $550 per year.

Insuring Multiple LLCs on Same Policy: Is it Possible? 

Entrepreneurs who own multiple businesses often ask about insuring multiple LLCs on the same policy. This can be a bit of a tricky subject and is definitely a grey area of business insurance for LLC. 

Ultimately, this question usually comes down to common ownership. For example, if you alone are the sole owner (or the majority partner) in several different companies, then you should be able to cover multiple LLCs under the same policy. However, if some of the companies you are willing to insure lists another individual as the majority owner, then you would not be able to insure them under the same policy. 

Best LLC Insurance

Whether you’re starting a new business or you’re thinking of changing your insurance provider, our list will help you find a great limited liability company insurance policy. Additionally, we’ve also provided the LLC insurance cost. Keep in mind that these numbers are just an average, though. The actual premium you’ll pay depends on your risk level as a company, where you live, and your personal credit history. 

Geico LLC Insurance

Geico limited liability insurance is one of the insurer’s most popular products. Whether you own and manage a small personal business or your operate a larger business with numerous employees and greater risk, Geico is highly regarded as one of the best LLC insurance providers on the market. Since the company has a strong background in auto insurance, they’re a great choice if you own a ridesharing LLC or own a delivery business. 

As far as the limited liability insurance cost goes, Geico can be a bit more on the expensive side. However, for the price, you’ll be provided with great customer service, an easy-to-use smartphone app, and quick access to agents across the country. 

Pros:

  • Large nation-wide brand. 

  • Easy-to-use app. 

  • Instant coverage. 

Cons:

  • Expensive. 

Best For:

  • Ridesharing businesses or other businesses that utilize vehicles. 

Average Cost: 

  • $35 - $70 per month. 

Rating:

  • 4/5 stars. 

State Farm LLC Insurance

If you need limited liability insurance for small businesses, then State Farm is another great insurance provider. In terms of overall customer satisfaction, they rank very highly. This is partly due to the fact that State Farm has agencies in small towns all over the U.S. This means that you won’t have to go through some of the headaches and long phone calls that other companies would require. 

The overall business insurance cost (LLC structures) is similar to Geico. However, State Farm also provides great deals if you bundle your business insurance policy with other policies such as auto, home, or renters’ insurance. 

Pros:

  • Great ratings for limited liability insurance coverage. 

  • Local offices across the country. 

  • Excellent customer service. 

Cons:

  • None to speak of. 

Best For:

  • Best for retail stores or other LLCs that own/rent property. 

Average Cost:

  • $25 to $150, depending on assets. 

Rating: 

  • 4.5/5 Stars. 

Progressive LLC Insurance

Progressive has been providing liability insurance for LLC businesses since 1937, making one of the most reputable insurers in the nation. Although they aren’t quite as cost friendly as State Farm, they do offer a number of benefits to their long-term customers. One of the most popular bonuses is their “disappearing deductible.” 

The longer that you’re a customer who keeps renewing their business insurance for an LLC, your deductible will slowly decrease every year that you don’t have a claim! They also have very competitive rates for commercial auto insurance. 

Pros:

  • Disappearing deductibles. 

  • Friendly and fast service. 

  • Rewards for being a long-time customer. 

Cons:

  • Costs more than State Farm and Geico. 

Best For:

  • Insuring commercial trucks and vehicles. General liability. 

Average Cost:

  • $65 to $200/month. 

Rating: 

  • 4/5 Stars. 

Allstate LLC Insurance

If you have a smaller organization, then Allstate is one of the best business insurance for LLC providers in the country. They’re well known for providing low-cost insurance for local businesses. They’re also able to custom-tailor a policy to fit your specific needs. This means that you won’t have to worry about overpaying as much as otherwise would. Like State Farm, Allstate has offices around the country, meaning that they’re fairly easy to contact if you need to make a claim. 

Pros:

  • Free LLC insurance quotes. 

  • Easy to access Allstate agents. 

  • Relatively low-cost LLC insurance policy plans. 

Cons:

  • Some policyholders report having to fight claims. 

Best For:

  • Small businesses that need simple, custom-tailored insurance for an LLC company. 

Average Cost:

  • $70 to $165/month. 

Rating: 

  • 3.8/5 Stars. 

Mylo LLC Insurance

For business owners looking for a more modern solution to purchasing insurance for an LLC company, Mylo is great. What makes Mylo so unique is that their service is 100% online and digital. Since the insurer doesn’t have to worry about the overhead of paying for expensive advertising and cross-country agencies, they’re able to provide prices that are a good deal cheaper than some of the larger, more well-known insurance companies. 

Whether you’re looking for basic business liability insurance or you need to add on additional workers’ compensation coverage, commercial auto insurance, or even professional liability coverage, Mylo lets customers piece together their policy coverages easily. This means that you don’t have to worry about wasting money paying for a bunch of coverage that you don’t really need. 

Pros:

  • 100% digital application process. 

  • Low-cost business insurance. 

  • Build your own LLC insurance policy. 

Cons:

  • No in-person agents to speak with. 

Best For:

  • Small personally-managed businesses. 

Average Cost:

  • $35 to $130/month. 

Rating: 

  • 4.3/5 Stars. 

USAA LLC Insurance

If you’re an entrepreneur who’s in the military (or you have a military spouse or military parents), then you’re eligible to apply for USAA business insurance. USAA has some of the lowest insurance rates on the market due to the fact that they cater to a very small, low-risk group of individuals- military personnel and their family members

In addition to providing low-cost business insurance, they’re also highly regarded for their amazing customer service, quick payout time, and allow you to bundle multiple policies together to save money! 

Pros:

  • Cheap LLC insurance for military members. 

  • Fast payouts. 

  • Great customer service for claims. 

Cons:

  • Only available to military families. 

Best For:

  • Veteran owned and operated businesses. 

Average Cost:

  • $20 to $175. 

Rating: 

  • 5/5 Stars. 

Compare LLC insurance Quotes

Get all the best quotes from leading providers in a click of a button!

In partnership with:

Identity logo

In partnership with:

Coverwallet logo

Business Insurance Updates

Small Business Insurance Checklist

2021-09-24 15:00:00

As a small business owner, you have many challenges that most people do not understand! These day to day issues can chew up your valuable time and not be at all revenue producing.

einsurance.com

Small Business Insurance Checklist

2021-09-24 15:00:00

As a small business owner, you have many challenges that most people do not understand! These day to day issues can chew up your valuable time and not be at all revenue producing.

einsurance.com

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